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Merged credit union to move out of €15m building

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The former offices of Newbridge Credit Union.

The former offices of Newbridge Credit Union.

The former offices of Newbridge Credit Union.

THE bank that took over one of the largest credit unions in the country now plans to move out of its lavish offices.

Newbridge Credit Union was forcibly merged with Permanent TSB at the end of last year.

Taxpayer funds of up to €54m have been allocated to smooth the transfer of 30,000 credit union accounts into its system.

Although managed by Permanent TSB, the credit union has continued to operate in the offices developed by the former Newbridge Credit Union.

But now Permanent TSB has admitted it plans to merge its bank branch in the town with the old credit union outfit and move both into bigger premises.

The State has taken over the building, prompting complaints about the loss of property paid for and developed by the 30,000 former credit union members. The premises cost €15m.

A planning application notice to change the signage on the building has appeared under the name of the Office of Public Works.

A spokesman for the liquidator of the credit union, Jim Luby of McStay Luby, did not reply to queries about the transfer of the ownership of the building, and his role in its transfer.

Sinn Fein councillor Mark Lynch claimed the building had been taken off the people of Newbridge by the State.

A spokesman for Permanent TSB confirmed the former credit union operation would move to new premises early next year.

The manager of Permanent TSB in Newbridge, Jimmy Nolan, said: "The bank will continue to provide loans, deposits and cash lodgements and withdrawal facilities to customers of the former Newbridge Credit Union."

Irish Independent