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Special manager to stay on at credit union

THE High Court extended the appointment of a special manager to Newbridge Credit Union (NCU) in Kildare until next summer.

The move will increase the cost of the special manager to €1.25m. The appointment was sought by the Central Bank last January. That cost will be carried by the credit union's 37,000 members.

In response to concerns of NCU's directors about what plan is being pursued, Judge Nicholas Kearns also asked special manager Luke Charleton to deliver a report to court next April outlining what strategy is being pursued and what progress has been made. He recognised the difficult position of the directors in circumstances where Mr Charleton had taken over their functions.

He was appointed last January amid concerns about the credit union's financial position and his appointment was extended last July.

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