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Newbridge Credit Union - No divivends till next year...maybe

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  • 09-12-2009 3:44pm
    #1
    Giggsy75
    Registered Users Posts: 47 ✭


    F.Y.I Rang Newbridge Credit union to see were the dividends available tomorrow only to be told they won't be paid till after Christmas. The money apparently is available but the Regulator is preventing the release of the funds. Lots of people are relying on this money for Christmas.... can't get over this! :eek:


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    #2
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    Thats funny. I received an e-mail to-day from Newbridge C U assuring me that the dividend would be available in a couple of days. However, I am concerned about the Regulators involvement. Most other C U's in the country have had their A G M's


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    #3
    dandysandy
    Registered Users Posts: 15 ✭dandysandy


    The AGM is Monday 21st December at 8pm in hotel Keadeen according to the CU website.


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    #4
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    What web site would that be, as I cant find it on my CU web site


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    #5
    dandysandy
    Registered Users Posts: 15 ✭dandysandy


    Newbridge credit union LTD

    http://www.newbridgecu.ie/

    Its a scrolling message on the right hand side.


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    #6
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    Thanks


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    #7
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    Wouldn't be in the least bit concerned about that fella being involved in that credit union, or any other - from what I hear he stuck his nose into most credit unions this year. It means nothing! At least credit unions are actually giving dividends and loans - unlike the banks!!!!! I'd be more worried about the institutions that are not lending than those that are!!


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    #8
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    Opeys wrote: »
    Wouldn't be in the least bit concerned about that fella being involved in that credit union, or any other - from what I hear he stuck his nose into most credit unions this year. It means nothing! At least credit unions are actually giving dividends and loans - unlike the banks!!!!! I'd be more worried about the institutions that are not lending than those that are!!

    Newbridge CU: Dividend = 1% and Rebate = 5% !!!


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    #9
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    I see the "regulator" has stated in the Star that there are no issues in Newbridge, that should dampen down unnecessary panic!!!

    1% div and 5% rebate - not bad in this economy!!


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    #10
    Sidetracker
    Closed Accounts Posts: 99 ✭✭Sidetracker


    Hi Opeys. What position do you hold in Newbridge CU ?


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    #11
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    I'M a very long time member much like gigsy and dandysandy and others who are concerned about their money, that's my nestegg in there and it's safer there than the bank. It's very frustratingwhen all these head up their own behind "regulators" who have made a mess of the banks and are now trying to make a mess of everything else. If there's a position I would jump at it, but I'm too old they wouldn't want me!


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    #12
    dexter50
    Registered Users Posts: 35 ✭dexter50


    so with all that information will the dividends be available for collection on the 22nd or do we have to wait till after xmas


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    #13
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    Dexter50 _ why don't you ring them and ask, there's an email address on the website you can use too.


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    #14
    wilsonlovatt
    Closed Accounts Posts: 1 ✭wilsonlovatt


    Received annual report today which confirms 1% dividend to be paid after AGM to be held on 21 Dec. I was concerened after reading this article last Saturday http://www.irishexaminer.com/business/kfauqlgbidkf/rss2


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    #15
    dexter50
    Registered Users Posts: 35 ✭dexter50


    Opeys wrote: »
    Dexter50 _ why don't you ring them and ask, there's an email address on the website you can use too.

    I did ring them on the 3rd and they told me it was available to be collected on the 10th, when I rang them on the 10th they said not till the 22nd so not sure wether to believe them or not seeming as there original information wasn't correct. Just thought someone in here might be in the know for sure.. but we will see on the 22nd


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    #16
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    Yeah i got the 10th as a date too, so when i rang on the 10th and asked if they are on the accounts- the receptionist told me that the 10th was the original date but it had to be changed as they were waiting for accounts to be signed off etc. But i got my Annual Report in the post today, so Dexter it looks like its all go for the 22nd, rang today to see what time they will stay open until before xmas and was told they were opening late on 22nd & 23rd to get the dividends out before xmas. Receptionist thought it might be until 7pm or later depending on demand and queues (id say they will be big!!)


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    #17
    EskimoJack
    Registered Users Posts: 61 ✭✭EskimoJack


    Is it true that there are a number of outstanding loans with Newbridge CU in excess of 1million euro which are in a distressed state, it is scandalous and is surley not in the spirit of why they CU was estabilshed!


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    #18
    Damien360
    Registered Users Posts: 6,494 ✭✭✭Damien360


    EskimoJack wrote: »
    Is it true that there are a number of outstanding loans with Newbridge CU in excess of 1million euro which are in a distressed state, it is scandalous and is surley not in the spirit of why they CU was estabilshed!

    9 million of bad debts and one in excess of a million. This was stated as fact at the AGM. That is why the dividend was so poor this year. You will get a better rate at a bank.


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    #19
    Opeys
    Closed Accounts Posts: 6 ✭Opeys


    Damien, - what you have said in your post is actually not true, everyone there that night was given an annual report to show us what the situation was, I had to attend this year considering the delay with Dividends etc and wanted to hear what had to be said - go back and have a look at yours or get another one to check - i never heard anyone mention that there was 9m of bad debt,i heard €1.4m of bad debt - i did hear clearly ( as it was repeated many times) however that 9 million of their income was put into reserves as a provision for bad debt, it does not mean that there is 9m OF bad debt ( having looked into this "reserve" issue, i believe this to be a "just in case" fund - to me seems sensible...after AGM i rang regulators office in Dublin to ask about this and a lady there explained that all CU's must put a certain % of funds into these reserves, and it varies depending on size of CU.) i presume this is due to this climate we are in, i have checked with others who were there too and they said it was not 9 million of bad debt. I really dont see the fuss over a loan of 1m, one loan of 1m is excessively small in comparison to how many loans there must be in there, people freaking out over a loan of €1m, we forget €m was very normal money in the boom (not normal now of course) in such a large CU and no one that spoke that night said the loan was in arrears or not being paid - i didnt hear it anyway so im not going to panic unless that happens.


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    #20
    Damien360
    Registered Users Posts: 6,494 ✭✭✭Damien360


    No. The 9 million was bad debt provision for expected debts for the year coming. That is what a bad debt provison is. The CU is not in debt as you also found out but 9 million takes a sizeable chuck out of credit union members money (the dividend paid for being an effective shareholder). When they were pressed by one particular woman on the nature if these debts they said that one such loan was in excess of 1 million and is in the bad debt provision. The regulators office is correct in sayiing that all CU's have to put a given % away for bad debt provision. The fact that it has grown considerably is alarming. I would like to know if normal credit union criteria for loans were ignored in the provision of this 1million loan. They are not a bank and were quickly trying to be one. Thank god they never got in to providing home loans.

    Unlike a bank who make money on stock market and investments and have large numbers of deposits worldwide, your credit union only has it's members money from Newbridge and surrounding area to fall back on when things go wallop. When the debts and deposits get a little closer in value, then it will be time to jump. The government guarentee scheme ends this year and I would advise looking closely at what the board does with your money.

    When the banks went to the press and government just at the start of the bang, they stated that all was fine and Ireland is different. No need for a bailout here. 60 odd billion later, what do you think ? Do you think that the credit unions message that all is fine is any differnent ? The scale will be smaller but then the CU economy is smaller.


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