Bailout may not cost State €53.9m

The cost to the taxpayer for the bailout of Newbridge Credit Union (NCU) may be some way off the €53.9m provided for by the Central Bank.

That is according to new figures provided by the Minister for Finance Michael Noonan.

In November 2013, the Central Bank appointed Permanent TSB to take over NCU and provided a State fund of up to €53m to make good the losses at the credit union.