Business Irish

Monday 24 July 2017

Noonan briefed minister on Newbridge Credit Union decision

Minister: Michael Noonan
Minister: Michael Noonan
Fionnan Sheahan

Fionnan Sheahan

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

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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