Members of Newbridge Credit Union have visited its offices today seeking information about the appointment of a Central Bank 'special manager' to run the institution.
An interim report on trading conditions at at the Credit Union is to be completed within a month.
Local Fine Gael TD Martin Heydon has said there should be "no alarm" among members following the appointment by the Commercial Court last night.
He said the move was undertaken with the agreement of the Minister for Finance and was done to "get a clearer picture" of operations at Newbridge Credit Union.
Mr Heydon added: "This appointment should reassure members of the public that the proper regulatory systems are in place and working."
The Central Bank made an application to the Commercial Court for the appointment of a special manager, saying it was necessary to protect savings.
It also said that there were concerns this institution may not meet its regulatory requirements in terms on deposits and loans.
The special manager takes over the entire operation and will report back to the Central Bank after examining the loan book, arrears, deposits and operations at Newbridge.
The court heard the application was being made under the Central Bank Credit Institutions Resolution Act, the first time it has been used against a Credit Union.
It creates a "special manager" to be installed when it is feared that regulatory requirements are not being met.
The court emphasised in the event of such an appointment that business carries on as normal.
Mayor of Kildare Michael Nolan visited the credit union today to speak with staff, saying the "situation was unfortunate".
However, he said people had to realise savings were protected under the Government guarantee scheme and that it was "business as usual".
