Monday 24 November 2014

Newbridge credit union is subject of power grab, claims MEP

Published 02/09/2013 | 05:00

Sinead Coleman with daughter   Ellen (6), and son Luke (4) at the launch of the 30th Credit Union All Ireland Art Competition
Sinead Coleman with daughter Ellen (6), and son Luke (4) at the launch of the 30th Credit Union All Ireland Art Competition

THE gagging of the directors of a credit union, with threats of jail and fines, has been condemned by an MEP.

The Central Bank has told current and former directors of Newbridge Credit Union they could face three years in prison or a fine of €100,000 if they reveal any details about the controversial lender.

The gagging order came after regulators persuaded the High Court to appoint a special manager to run the credit union 18 months ago, over fears about its finances.

The Save Newbridge Credit Union campaign claims 2,000 people turned up to the rally on Saturday to protest over Central Bank moves to force the lender to merge with nearby Naas Credit Union.

Independent MEP Marian Harkin said the Central Bank was involved in a "power grab, an asset grab; and the owners of that asset, the credit union and its building, will simply be told to put up and shut up".

Irish Independent

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