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.