Collapse of credit union was just days away

Q. What’s the background to the takeover of Newbridge Credit Union?

A. There were concerns as far back as 2007 about the level of bad and doubtful debts at the credit union and they continued to grow until in Jan 2012 the finance minister stepped in to appoint a “special manager” to run the institution and report on its problems.

Q. How serious were those problems?