Newbridge Credit Union was "within a week" of liquidation
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.