Credit union faces €1.25m bill as special manager stays

The President of the High Court has extended the appointment of a special manager to Newbridge Credit Union to next summer, which will increase to €1.25m the costs to 37,000 members of that appointment sought by the Central Bank.

In response to concerns of the credit union’s directors about what plan was being pursued for it, Mr Justice Nicholas Kearns also asked special manager Luke Charleton to deliver a report to court next April outlining what strategy was being pursued and what progress had been made.

The judge also asked Mr Charleton to consider various proposals advanced by the directors, including lowering the level of bad debt provisioning and extending time for repayment of loans.