High Court appoints special manager to Newbridge Credit Union

The High Court has ordered the replacement of the management and Board of Newbridge Credit Union in Co Kildare.

Luke Charleton of Ernst & Young has been appointed as a special manager, following an application from the Central Bank, to oversee the day-to-day running of the credit union.

The Central Bank said the action has been taken to protect members' savings and to allow the credit union to operate as normal.

The decision comes after a number of specific issues arose in relation to the finalisation of the Newbridge Credit Union's 2011 financial statements.