Business Irish

Monday 1 September 2014

Noonan briefed minister on Newbridge Credit Union decision

Fionnan Sheahan

Published 12/11/2013 | 15:18

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Minister: Michael Noonan
Minister: Michael Noonan

Finance Minister Michael Noonan briefed the Cabinet on the takeover of Newbridge Credit Union by Permanent TSB.

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Mr Noonan gave an outline to ministers of the rationale behind the decision.

But he is understood to have signalled the Government do not believe this is the start of a trend in the credit union sector.

Up to 100 credit unions have been placed on a ‘watch list’ by regulators amid mounting concern about loans not being repaid.

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