Saturday 17 February 2018

Charlie Weston: Courtroom drama shows that aftershocks of crisis still with us

SENIOR public servants are not known for working on weekends, never mind late on a Sunday night. But this was the situation when senior regulators of the Central Bank found themselves before an emergency sitting of the High Court – at a time when the rest of the country was settling down to watch 'Love/Hate'.

The reason for the court application in the dark of night was a risk that Newbridge Credit Union would have opened up on Monday morning to a queue of people trying to take their money out.

The fears of a run on the deposits at the largest community-based credit union in the State was prompted after news emerged that a plan to merge Newbridge with nearby Naas Credit Union had run aground.

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