The High Court has extended the term of appointment of the special manager of Newbridge Credit Union for six months.
The moves follows an application by the Central Bank.
The special manager will continue to oversee the running of Newbridge Credit Union with a view to strengthening its financial position, a statement from the Central Bank said.
The Central Bank had appointed the special manager in January to protect members' savings and to allow the credit union to operate as normal.
Since being appointed, the special manager has completed a review of the credit union's loan portfolio, prepared a viability plan for the credit union, and made a series of improvements to the credit union's systems, controls, governance and lending practices.
The Central Bank said the extension of the special manager's appointment has no effect on the continuing day-to-day operations of Newbridge Credit Union.
It said that the credit union's members can access their funds and transact on their accounts as normal. ''Credit union members are reminded that eligible deposits of credit union members, up to €100,000, are fully guaranteed by the statutory Deposit Guarantee Scheme,'' the bank added.
