Credit unions - Necessary action at Newbridge

It is, perhaps, a parable of our times to see one failed financial institution take over another.

The High Court has acquiesced to a request from the Central Bank for Permanent TSB to take over the running of the insolvent Newbridge Credit Union in Kildare. It is the first time that a bank has taken over a credit union, which is a not-for-profit organisation. Some €54m in taxpayers’ money will be needed to keep it afloat.

A demonstration took place yesterday outside the credit union offices following the announcement. It was organised by the Newbridge Credit Union Action group which said it would lodge an immediate appeal.