While the Government is absolutely determined to support a strengthened and growing credit union movement and has highlighted its support for the return of credit union services to Newbridge, my role as Minister for Finance is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. In line with the Credit Union Act, 1997 (as amended) the registration of a new credit union and the extension of a common bond of an existing credit union is the responsibility of the Registry of Credit Unions at the Central Bank.
As the Deputy is aware, under a High Court order dated 10 November 2013, the assets and liabilities of Newbridge Credit Union Limited (excluding the premises) were transferred to permanent tsb plc (ptsb). However, the commercial relationship between ptsb and the former members of Newbridge Credit Union is a matter for ptsb and those individuals.
The Central Bank has stated that it would be open to meeting any party interested in restoring credit union services to the Newbridge area and will consider any application in relation to the extension of an existing common bond to include all or part of the common bond of Newbridge. The Central Bank has further informed me that, to date they have not received any formal proposals from any local group in relation to the establishment of a new credit union, but have stated that they will consider any proposal received.
Responsibility for policy on the regulation of charities is a matter for the Department of Justice and Equality. I am advised by the Charities Regulatory Authority that it would not be appropriate to provide information on individual engagements with charities, given the potential for reputational damage to such charities in such circumstances.
