Future of Newbridge Credit Union must be secured in current building – Heydon

Fine Gael Kildare South TD, Martin Heydon, has today (Thursday) said that it is essential that the future of Newbridge Credit Union is safeguarded in its current building. Deputy Heydon was speaking after the Central Bank issued a statement on the issue this afternoon.

“I attended a constructive public meeting in Newbridge last night, where I heard the concerns from Credit Union members about the local branch, which has been under the spotlight since a Special Manager was appointed at the beginning of last year. I am just as frustrated as the Credit Union’s 37,000 members at the length of time that this process has taken, the lack of information and the costs incurred in relation to the Special Manager.

“I note that the Central Bank has issued a statement this afternoon that the Minister for Finance, Michael Noonan TD, has agreed to a proposal, in principle, to combine Naas and Newbridge Credit Unions. It is essential, in my view, that the Credit Union in Newbridge is protected in its current building. Anything less would be completely unsatisfactory to members.

“Since the appointment of the Special Manager, I have been in regular contact with Minister Noonan, I have lobbied officials from the Department of Finance and the Central Bank, and I have raised the issue with the Taoiseach. I will continue to voice the concern and frustrations of members on this issue, until it is brought to a satisfactory conclusion.

“I believe the Central Bank has serious questions to answer on how it has handled issues in Newbridge. The situation has been allowed to drag on for far longer than envisaged, leaving members in an information vacuum. This has allowed rumours and speculation to gain currency, causing members undue concern.

“It is important to remind members that their savings are guaranteed up to €100,000. I would also like to commend the staff members in Newbridge, who have competently and professionally served its members throughout this difficult period.”

ENDS