Dáil Éireann Debate, Thursday - 14 November 2013
44. Deputy Michael McGrath asked the Minister for Finance if he will provide the background to the decision of the Central Bank to seek High Court approval for the transfer of Newbridge Credit Union to Permanent TSB; the consultations held with the bank prior to the application to the High Court; and if he will make a statement on the matter. [48717/13]
Amharc ar fhreagraThe decision to transfer Newbridge Credit Union’s assets and liabilities to permanent tsb bank was taken following the withdrawal of Naas Credit Union from the process. It was in the context of a possible liquidation which would have seen unprotected savings of €1.1m lost, that the Department of Finance, with the support of the Central Bank, requested permanent tsb bank to undertake this transaction. The participation of permanent tsb, for which I would like to express my thanks, has brought stability and certainty to the situation and specifically to the members and staff of Newbridge Credit Union and has provided an alternative to liquidation. This transfer means that Newbridge Credit Union members can be assured that they can continue to operate their loan and deposit accounts as normal. The Central Bank has published extensive information on its website* setting out the details of the transfer, including the relevant background material and financial details.
*http://www.centralbank.ie/press-area/press-releases/Pages/CentralBankconfirmstransferofNewbridgeCreditUniontopermanenttsb.aspx
