Bank’s takeover of Newbridge ‘an exception’, says Hayes

Junior finance minister Brian Hayes says the bank takeover of Newbridge Credit Union is an exception and was done in the interests of preventing any knock-on difficulties in the financial sector.

Despite the claim, local TDs have questioned the move transferring credit union customers to a bank. Fianna Fáil said the process of Permanent TSB taking over the credit union had been a “spectacular failure”, while a government TD also insisted he would work to ensure that full credit union services would be restored to the town.

Mr Hayes, speaking in Brussels, said: “This is an exceptional case given the extent of the liabilities. I think it is also important.”