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Court ordered takeeover of Newbridge Credit Union

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  • 13-01-2012 10:05pm
    #1
    245
    Closed Accounts Posts: 760 ✭✭✭


    The Commercial Court has taken over the running of Newbridge Credit Union with immediate effect:

    http://www.rte.ie/news/2012/0113/creditunion.html

    There are fears that regulatory requirements were not being met.

    I assume that savings are guaranteed under the deposit protection scheme


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    #2
    badgerbroc11
    Registered Users Posts: 141 ✭✭badgerbroc11


    All savings up to 100k are covered by the deposit guarantee scheme


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    #3
    JonathanAnon
    Closed Accounts Posts: 23,718 ✭✭✭✭JonathanAnon


    badgerbroc11 wrote: »
    All savings up to 100k are covered by the deposit guarantee scheme

    Are you sure about this? I thought that was only for the Irish banks?


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    #4
    Doodah7
    Registered Users Posts: 3,753 ✭✭✭Doodah7


    JonathanAnon wrote: »
    Are you sure about this? I thought that was only for the Irish banks?

    Irish financial institutions which includes credit unions.


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    #5
    DWCommuter
    Closed Accounts Posts: 3,032 ✭✭✭DWCommuter


    If I'm not mistaken there was another thread here a few years ago about NBCU and its "dubious" situation. There were issues re: the AGM and dividend. I expressed my own opinion in that thread and I'll say it again here. NBCU hasn't been run in a correct manner throughout the so called boom years. It over lent and attempted to grow by lending huge amounts of money that was comparative to the banks. It did so via very loose regulation both in house and at IFSRA level. Considering it was effectively run by "volunteers", it was inevitable that it would eventually succumb to the problems associated with human nature. i.e. - it got greedy and didn't have the financial expertise of the banks to justify its eventual downfall. The original IFSRA CU regulator, Brendan Logue (since retired) was weak and even when confronted with small examples of irresponsible lending, refused point blank to investigate this CU. With respect to Brendan Logue, he was a pitiful victim of the Celtic Tiger years, when those in the finance business thought the good times would roll on forever. However these people were meant to be cynical and spot the problems in advance. They failed.

    I hope members of NBCU do not suffer as a result of this, but I really would like to see board members and other committee members (in particular the Supervisory Committee) being made accountable for failing in the duties.


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