The decision to apply to the High Court for the appointment of a Special Manager is a matter for the Governor of the Central Bank, following consultation with myself as Minister for Finance. On 13 January 2012, the Central Bank of Ireland secured a High Court Order for the appointment of a Special Manager to Newbridge Credit Union. Further High Court applications were made in June 2012 and January 2013 to extend the term of appointment of the Special Manager and High Court Orders were secured for a 6 month extension period on each occasion.
This action was taken to strengthen Newbridge Credit Union, protect members’ savings and ensure that Newbridge Credit Union can continue to operate effectively, providing financial services to the local community. The Special Manager replaces the management and Board of Newbridge Credit Union and his primary role is to establish the financial position and bring forward a business plan.