Newbridge Credit Union documents made public

Wednesday 11 December 2013 21.58
Newbridge Credit Union was subsumed by Permanent TSB last month (Pic: Eamonn Farrell/Photocall)
Newbridge Credit Union was subsumed by Permanent TSB last month (Pic: Eamonn Farrell/Photocall)

New documents have shed light on the deterioration of the finances of Newbridge Credit Union, which was last month taken over by Permanent TSB.

They show almost half of the loans outstanding at the credit union were in trouble by March 2013.

This compares to 14% of loans in September 2010 and 31% the following year.

The figures were contained in a number of documents published by the Central Bank, following the lifting of confidentiality restrictions by the High Court.

The documents show that the credit union's bad debt provisions had reached 45% by September 2012, ultimately rising to 47% by March 2013.

The report also shows a sharp drop in the level of deposits held at the credit union over an 18-month period.

In September 2011, the institution had more than €49m in deposits and investments.

However, by March 2013 that had fallen to €17.7m.

Newbridge Credit Union was subsumed by Permanent TSB last month after a proposed merger with Naas Credit Union did not proceed.

The bank was given €54m to deal with the credit union's bad debts as part of the deal.