Credit Union report accepted

A Central Bank report on the financial position of Newbridge Credit Union in Kildare shows a “degree of cautious optimism” about its future, the High Court heard yesterday.

The report which arises out of the appointment over a year ago by the Central Bank of a special manager to the credit union, is largely commercially sensitive and cannot be published, the court heard.

Brian Kennedy, for the Central Bank, said the report stated there had been a measure of progress at the credit union and there was “a degree of cautious optimism” that the measures being taken may bear fruit in the short to medium term.

Mr Kennedy said that counsel for the board of directors had indicated they had no difficulty with the report while Rossa Fanning, counsel for the special manager, said they were also consenting to the report being admitted to court.

The court would continue to be updated on progress, Mr Justice Nicholas Kearns was told.

Luke Charleton of Ernst and Young was appointed special manager in Jan 2012 under the Central Bank and Credit Institutions Resolution Act 2011 amid concerns about the credit union’s financial position.

His appointment has been extended twice since then by the High Court.