All assets and liabilities, excluding the premises, of Newbridge Credit Union Ltd were transferred to permanent tsb on 10 November 2013, under the Central Bank and Credit Institutions (Resolution) Act 2011. I agreed to the Governor’s request for a financial incentive of up to €53.9m to be paid from the Credit Institutions Resolution Fund to support the transfer. Under section 46(6) of the Act, the amount of any financial incentive provided is a debt due and owing to the Central Bank for the account of the Resolution Fund by the transferor, in this case Newbridge Credit Union Ltd.
I have been informed by the Central Bank that it will be applying to the High Court for the appointment of a liquidator to Newbridge Credit Union Ltd shortly. I would expect that the freehold title of the premises, which is currently owned by Newbridge Credit Union Ltd will be sold by the liquidator to a third party as part of the liquidation process.
The sale proceeds generated (net of expenses) in due course will be paid by Newbridge Credit Union Ltd to the Resolution Fund in accordance with Section 46(6) of the Central Bank and Credit Institutions (Resolution) Act 2011.
