Newbridge Credit Union rallies against takeover

The Newbridge Credit Union Action Group is describing as "unacceptable" a proposal for a takeover of the institution by Permanent TSB.

There had been speculation that Naas and Newbridge Credit Unions would be merged.

The Newbridge Action Group has presented alternative proposals to the Central Bank for local control of the Credit Union and is still awaiting a response.

Chairperson Willie Crowley says they will fight a takeover by Permanent TSB, and that the move had caused "considerable anxiety, stress, and fear" in the area.

"The latest proposal doesn't involve a merger, it involves a takeover of our loan book and our member's savings by a bank that was itself distressed."