Terence Flanagan
Question:190. Deputy Terence Flanagan asked the Minister for Finance his views on Permanent TSB taking over Newbridge Credit Union (details supplied); and if he will make a statement on the matter. [49170/13]
View answerTuesday, 19 November 2013
Questions (190)
Written answers
I have no concerns in relation to the transfer of Newbridge Credit Union to Permanent TSB. Although Permanent TSB was recapitalised in 2011, it is compliant with its regulatory capital requirements and as of June 2013 it had a Core Tier 1 capital ratio of 15.7%. This compares to a Central Bank of Ireland minimum requirement of 10.5%. As I have previously stated, it was in the context of a possible liquidation that my Department, with the support of the Central Bank, requested Permanent TSB to undertake this transaction. The participation of Permanent TSB in this process has provided an alternative to liquidation and in doing so has brought stability and certainty to the situation and specifically to the members and staff of Newbridge Credit Union. This transfer means that Newbridge Credit Union members will continue to have full and uninterrupted access to their savings.