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.