Sunday 19 November 2017

Court told of 'information blackout' at credit union

Tim Healy

THE directors of a credit union being run by a special manager because of concerns about its finances have complained about a "complete information blackout".

The directors of Newbridge Credit Union (NCU), where the special manager was brought in by the Central Bank, made their complaint as the High Court extended the official's term.

Bernard Dunleavy, legal representative for the directors, said there had been no AGM, there was a dearth of information and there were rumours circulating locally.

The special manager was appointed in January last year following concerns by the Central Bank about the credit union's financial position.

Yesterday, Mr Dunleavy said the directors were not objecting to a further extension of the manager's position.

Rather, they were concerned that all possibilities and alternatives were not being considered in the process being carried out by the special management.

Paul Gallagher, for the Central Bank, said the AGM had been postponed because to hold it would mean various pieces of information would end up in the public domain.

President of the High Court Mr Justice Nicholas Kearns said he had considered all the material and he believed it was appropriate and desirable to extend the appointment of the special manager for another six months.

Irish Independent

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