Naas Credit Union set to combine with Newbridge Credit Union

Thursday 01 August 2013 17.07
Special Manager had been appointed to Newbridge Credit Union last year
Special Manager had been appointed to Newbridge Credit Union last year

Finance Minister Michael Noonan has agreed in principle to support the combination of Naas Credit Union with Newbridge Credit Union.

The Central Bank has been actively engaged with the Special Manager appointed to Newbridge Credit Union in January 2012 to address the credit union's financial position.

The bank said it examined a number of possible options for Newbridge, which resulted in an approach being made to a number of credit unions including Naas Credit Union.

In April, Naas Credit Union submitted a proposal to the Central Bank for the combination of the two credit unions.

A statement from the Central Bank said that the proposal is still subject to several conditions, including the completion of due diligence, negotiation of relevant documentation, Naas Credit Union board approval, regulatory consideration and court approval.

The Central Bank said the proposal from Naas Credit Union envisages retaining and developing credit union services available to members in both Naas and Newbridge.

In a statement, Naas Credit Union said it is a ''strong credit union'' with total assets in excess of €76m and over 22,000 members.

A spokesperson for Naas Credit Union said it had nothing further to say on the matter pending the outcome of discussions with the Central Bank, which may take a number of months to conclude.