Central Bank to release material supporting credit union takeover

The Central Bank has secured orders permitting the public release of some but not all of the material used to support its application leading to Newbridge credit union being subsumed into Permanent TSB for some €54m.

Any material which would disclose the private affairs of individual members of the credit union will not be disclosed.

The President of the High Court, Mr Justice Nicholas Kearns, made the publication orders yesterday on the application of Brian Kennedy, for the Central Bank, and on consent of the directors of the credit union on condition their affidavits, which are strongly critical of the bank’s intervention, are also made public.

Ben Donnelly, chairman of the board of directors, said in one of the affidavits that it was “most regrettable” that the “ill-conceived intervention” had, “after two years and great cost to the members, resulted in the loss of credit union services to Newbridge, the loss of its landmark building, a loss of confidence in the wider credit union sector, and a cost to the taxpayers that amounts to multiples of the regulatory deficit created by the imposition of increased provisions”.

The material to be made available relates to the bank’s application more than two years ago to have a special manager appointed to the credit union, ultimately leading to the decision last month to subsume it into Permanent TSB.

Mr Kennedy said material would be made available on the bank’s website.

The court previously heard there was substantial material involved.

Bernard Dunleavy, for the directors, said their consent to publication was being given on the basis that all sworn documents of the board would also be made public.

On the application of the Central Bank at a late-night High Court sitting on Sunday, Nov 10, Newbridge credit union was transferred to Permanent TSB for some €54m.

© Irish Examiner Ltd. All rights reserved

More in this Section

Northern farmers ‘hardest hit’ by Brexit fallout

‘Modest’ Brexit impact for Greencore

Apple opts for caution in light of falling sales

Hibernia REIT agrees 20-year lease with ComReg


Breaking Stories

Twitter's user numbers continue to struggle as latest financial results come in

Apple revenue is still falling, but the company did beat expectations in its latest earnings

Would you try a Pokemon Go taxi tour?

First the classic Nintendo, now the Sega Mega Drive is coming back

Lifestyle

Jason Bourne is back again by popular demand

Top 10 reads for the summer

Showbiz news: Miranda Kerr gets engaged to Snapchat founder

Ready to sticky rock and roll with the holiday treat that spans generations

More From The Irish Examiner