Wednesday 21 March 2018

Newbridge Credit Union was "within a week" of liquidation

Newbridge Credit Union
Newbridge Credit Union
Michael Noonan revealed that Newbridge Credit Union was a week away from going bust
Fionnan Sheahan

Fionnan Sheahan

Newbridge Credit Union was "within a week" of going bust, Finance Minister Michael Noonan has revealed.

The credit union was taken over by Permanent TSB last week, following a late night weekend court application by the Central Bank.

Mr Noonan said the Government's preferred option was to merge Newbridge with Naas Credit Union, but this was rejected.

He said the Central Bank's action was necessary.

"It went within a week of being forced into liquidation," he said.

Irish Independent

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