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Central Bank and government must respect Credit Union’s ethos in Newbridge dispute: Sinn Féin

15 August, 2013 - by Dessie Ellis TD

Sinn Féin TD Dessie Ellis has called on the Central Bank and government to respect the ethos of the Credit Union movement in its handling of the Newbridge Credit Union situation.

Deputy Ellis said:

“Newbridge Credit Union is an important part of the local community and economy. The perception the 37,000 members have of an unaccountable Special Manager with a pre-ordained agenda being sent in must be listened to.

“The style and actions of the Special Manager, as well as his bill of over €2m to date, have led to great anger among the members of the Credit Union whose own unpaid, voluntary directors have effectively been gagged by the Central Bank.

“The Central Bank must recognise the special ethos of the Credit Union movement and act accordingly. Imposing a solution without the support of the members by forcing a merger with Naas Credit Union is the wrong way to go about things.

“The Central Bank through the Regulator must adopt a more open approach and listen to the concern and needs of the members. Sinn Fein in Kildare and in the Dáil is committed to standing with the Newbridge community in ensuring a fair solution is hammered which takes on their concerns.”

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