Newbridge Credit Union

H.E. Pennypacker

Damien360 wrote: »

I would'nt touch another CU if any of the outgoing directors were in any way involved. I am not alone in that feeling. It is widespread in the town.

I completely agree. Does anyone know how many people actually turned up to the meeting on November 13th to create a new credit union? We had detailed numbers from the original protest gatherings but none lately. I suspect that support for the protest group has been reduced to a hard core of individuals.

Its very difficult to gauge support for a new credit union but its likely that most people are so horrified by what went in Newbridge Credit Union that they would probably support extension of the common bond from other credit unions instead of a new autonomous credit union in Newbridge. I think that most people would support a credit union presence in Newbridge but might well have concerns about who would manage it.

guil

I find it hard to believe that only a select few knew the full story. A work colleague of mine has a wife working in there as a clerk. Over a year ago he was able to tell me about the 3 million loan to a developer.

badgerbroc11

guil wrote: »

I find it hard to believe that only a select few knew the full story. A work colleague of mine has a wife working in there as a clerk. Over a year ago he was able to tell me about the 3 million loan to a developer.

It could easily happen. Staff have access to software system and in a small work environment talk to each other. It's no doubt but these type of loans were frequently discussed at tea break.

On the other hand the majority of directors would only be in the credit union once a month for the board meeting and would have no access to the system. They would rely on the quality of the reporting in the board pack for their information.

If there was a small powerful click made up of one or two directors and the manager it would not be unheard of for this group to keep the rest in the dark. Just remember how Fingleton controlled the board in Irish Nationwide.

Question: Did the one group of two-three control the position of chair and treasurer for a number of years.

The new Credit Union act restricts the length an individual can serve on the board and as chair. Unfortunately the final act was watered down to allow a director serve for 12 years in a15 year period instead of 9 out of 15 years and the chair can serve for 4 consecutive years instead of 3.

The new act is trying to target powerful clicks on board and also make the manager accountable as the ceo under the act. Unfortunately if this was the case in Newbridge, which is believable they are not the only cu with this problem. In many cu's cronyism is rife.

badgerbroc11

Damming Irish Irish Independent article:

THE volunteer directors of Newbridge Credit Union, which was bailed out at a cost of €54m to the taxpayer, were warned more than eight years ago that they were breaking the law.

Leaked documents obtained by the Sunday Independent reveal how the board of the credit union failed to rein in its lending policies in apparent defiance of the regulators.

The credit union had lent huge sums to builders and developers during the boom but the documents reveal that when they were warned that they were breaking the law, the board claimed that it was the law that was at fault.

The credit union had to be bailed out by State-owned Permanent TSB following a dramatic High Court hearing last Sunday, landing taxpayers with a bill for €54m.

The confidential minutes and letters reveal how the regulatory authorities had tried to force the board of the credit union to tow the line since 2005.

At one fractious meeting with the then Financial Regulator, Liam O'Reilly, on December 15, 2005, the volunteer directors were told that they were "way outside" lending limits and had to "comply with the law".

The exchanges are contained in correspondence leading up to the meeting on December 5, 2005, and minutes of what transpired during it. They show how:

* The volunteer directors refused to meet the overall Financial Regulator in Dublin to discuss the breaches, forcing him to travel to Newbridge instead.

* One director suggested the law, not the credit union, was at fault and said the financial regulator "hadn't done enough" to get it changed.

* Another director accused the financial authorities of making "threats" to volunteers and "dictating" to the credit union in "a manner that was unacceptable".

* The Financial Regulator and his team had to repeatedly point out that they were responsible for implementing the law, not changing it, saying: "The law is in place and it is being flouted."

The letter reveals how the registrar of credit unions, Brendan Logue, caused upset when he telephoned volunteer directors at their homes to discuss the breaches. Mr Logue explained that he "did so in order to explain to them informally our position on the breaches ... Contacting volunteers at home for such an informal discussion is the only effective means open to me."

Mr Logue, who is now retired, confirmed the meeting with the Financial Regulator but said that it "achieved little or nothing".

Asked to comment on the minutes, he told the Sunday Independent: "Newbridge continued to trade outside the scope of the Credit Union Act and was in breach of the act. Eventually, we had to appoint investigators, third-party investigators, to look into the matter."

The investigation was conducted by MKO, an accountancy firm. The report was never published but the credit union had to pay half the estimated €300,000 cost.

At that time, there was no legal mechanism to take sanctions, despite the ongoing serious concerns of the financial authorities. New powers allowing enforcement action against directors and managers of credit unions only came in to effect last August.

The regulator accused Newbridge of breaching sections 27 and 35 of the Credit Union Act, which include limits on the size of individual credit union loans and which cap the number of loans that can be repaid over five and 10 years.

One local builder received loans totalling €3.2m over several years, which exceeded the legal limits. As of September, €2.8m was still owing on the loan.

The Dail's Public Accounts Committee plans to question the Central Bank Governor Patrick Honohan about the Newbridge bailout.

Mr Honohan has defended the regulation of the credit union, especially since 2009, when the Central Bank became aware of the scale of loans and lending practices.

He told RTE's Prime Time last week: "We put in a special manager when it was clear that the existing management and directors were not capable or willing to do what was necessary."

A former board member, who asked not to be named, insisted that Newbridge Credit Union was compliant with the rules within a year of meeting the Financial Regulator, forcing members with large savings to remove them.

"The registrar, instead of helping credit unions to help their members, increasingly tightened the noose around members and their loan repayments," the former director said.

"Volunteers in credit unions across the country have been targeted by the registrar and Central Bank. They know of the crippling regulation and reserve control practised by a Central Bank against people who work for the good of their communities without pay."

A group calling itself 'Concerned Members Action Group' has highlighted "professional development" expenses in the credit union's annual reports, which amount to more than €800,000 over 10 years. More than €142,000 was spent on professional development in 2010, €130,893 in 2009 and €144,991 in 2008.

The group has also highlighted loans to directors of the credit union. According to the 2010 annual report, loans to directors stood at €967,881 in 2009 and €688,966 in 2010.

orlao

"Breda Reid (a director) then stated that in other words we should use an artificial stroke of the pen just to achieve compliance with an Act that is obsolete and doesn't meet the needs of credit unions. Brendan Logue then stated that it was not their fault but the law was in place and it was being flouted. Breda Reid said it was unfair and good credit unions were being penalised."

Very hard to reconcile this (extract from Sunday Independent) with the letter at the start of this forum. The article is utterly damning in terms of the information given through the Save Newbridge CU Action Group and which we were all asked to believe. These articles indicate the Board knew for a long time the Regulator was asking them to cease and desist. Also, a poster asks earlier whether it was true that only a few Directors knew of the big loans, this article is clear the entire Board was hauled before the Regulator so they must have known there were inappropriate loans.

I'm not inclined to make stark judgements on what they did, as I believe the entire country lost the run of themselves. There were few exceptions and there are probably a few Board members who were asking questions but were afraid they would be told (or were told) where to get off, just as Bertie told the naysayers around the same time. But the article again slams the whinging of the CU people who howl about heavy-touch regulation - it is there for worst case scenario, and just like in Anglo, the Regulator failed in his duty. People felt that light touch regulation was what was making the country so successful in the mid noughties but it brought down Anglo and it brought down NCU. Having said that, there is a need for flexible loans to allow for the really valuable work being done by MABS who work with people in trouble, but that can be done within the current system with a little bit of innovation.

Unfortunately despite the huge number of Catholic and other religious-run schools, we have been utterly destitute as a nation in developing people with any sense of ethics or right and wrong. Those who stand up are sidelined and marginalised as being cranky pessimists or worse 'left-wing pinkos'. And ironically the 'Fine Gael Four' who dared question the prevailing belief in Newbridge in the last few months got the same treatment.

I hope some solution is found to get a Credit Union back into the town as I think every town needs one, but I think it will be a while before Newbridge can hold its head up among the towns of the country. Once again people on low incomes are being asked to bail out developers except this time it wasn't on the back of poor decision making by highly paid bank officials but on the back of poor decision making by volunteers.

I am really curious to know why Des Diver has not been mentioned in discussion of the current situation - was he removed when the Special Manager came in or did he transfer to PTSB under TUPE like the other employees?

Theclockface

In light of the new information that has come into the public domain about who knew what about the development loans issud through Newbridge CU, were any of these Directors of Newbridge CU also directors of property development or real estates companies?

If anyone has any information relating to this they might like to share it with the members of Boards

sparksfly

Where is the action group's Facebook page gone, i cant locate it.

Theclockface

They have removed their Facebook page and started a new one. Look for Droichead Nua Credit Union.

I noticed earlier today that a former supporter posted a comment in which he was very critical of one of the main leaders and this was taken down or removed almost immediately.

Transparency eh! Yeah right.

'Its my site and if I don't like what you say them I'm not letting you play.'
Did this person when he was young take his football home when the others wouldn't let him score a goal?

badgerbroc11

orlao wrote: »

Very hard to reconcile this (extract from Sunday Independent) with the letter at the start of this forum. The article is utterly damning in terms of the information given through the Save Newbridge CU Action Group and which we were all asked to believe. These articles indicate the Board knew for a long time the Regulator was asking them to cease and desist. Also, a poster asks earlier whether it was true that only a few Directors knew of the big loans, this article is clear the entire Board was hauled before the Regulator so they must have known there were inappropriate loans.

Being familiar with cu figures from around the country I never believed the propaganda from the action group. The loan book growth, the average loan size etc seemed completely out of line with the average cu.

When you hear claims of conspiracy theories that the Central Bank was owned by the banks and the banks wanted to get their hands on all the cu money then you should suspect some rotten eggs.
Following the independent judicial decision of the high Court The politicians were then attacked for being complicit with this and that the electorate of Newbridge would remember this come the next elections.

Willie Crowley at one stage was looking for a vote of no confidence in the minister. Now it appears that the minister and the Tànaiste are hero's the fact that they said they would support the formation of a new cu.

I can't see how the Central Bank could have confidence in the formation of a new cu when the same people who were behind the action group are behind the new campaign also.

Let's be clear, what did the action group achieve:
- Similar to the board of NCU they misinformed the cu members as to what relay went wrong;
- Despite the best efforts of the Central Bank to find a cu solution the action group prevented this by their attack of Naas CU. Remember their protest at the opening of Naas CU new sub office in the Monread shopping centre. A day of celebration for the members of Naas CU, ruined by the action group.
- Naas had no choice but to walk away which led to the over night transfer of 37000 cu members to ptsb customers.
- As the truth emerged and tough questions were being asked on the the action group Facebook Page they removed numerous posts and then closed the Page.

I wouldn't get my hopes up about having a new cu in the town as long as these people are involved.

orlao

Yes, I'm surprised at the FB page having been taken down so quickly. There were over 2,000 likes on it and they should have spent a few weeks posting on it getting people to like the new page, where there are only about 500 - it will be hard to get back up to that number on the new page, now that the heat has gone out of the situation. Also, I'm wondering was that the only place that Breda Reid had posted her letter, the one that started this thread?

I was going to go back and have a look at some of the conversations I had on that FB page, having read the Sindo articles. I got into a bit of heated (on their side) discussion when I asked questions that were considered out of order and I was told I should leave the page. I thought their behaviour was unethical and lacked values and told them so. I couldn't see how you couldn't say 'boo' about the Directors and staff, yet they f'd Luke Charlton, the Fine Gael 4 and all the pols, journalists and generally anyone who had another tale to tell.

I also questioned the valuation of the building, as an indication of whether it showed there were other things going on in the Financial Statements. I asked for the detail of their 'value in use' calculations that they insisted were a safe alternative to market value. That one died a quick death too.

Still no-one has mentioned Des Diver, is there any information about his current status?

iamdonie1984

SINDO piece is so damning. The Board suggested it was the law that was wrong, and not them. Wow. Without being too harsh, who the hell do these people think they are? Very clear that greed took over here.

Professional Development costs - Outrageous, not quite sure what to say about the alleged Cape Town trip, but this is really starting to stink, Anglo style.

I'm sorry, but if this was a story about any bank in the country (and don't get me wrong, the banks have messed up too) people would be calling for criminal investigations and labelling senior management (in this case board members) crooks, greedy fat cats etc etc.

I find it a shame that CB didn't act sooner, NCU (because of utter incompetence and ignorance) was a sick animal and should have been put down sooner.

maxwell smart

Seen something in the Business Post yesterday about Des Diver. Says he was still manager when the special manager was there and is still employed there (I assume he has transferred to PTSB).
Mentioned some other stuff about him but I don't have the paper to hand and it is behind a paywall so can't post a link.
I will post it later.

raven136

orlao wrote: »

"Breda Reid (a director) then stated that in other words we should use an artificial stroke of the pen just to achieve compliance with an Act that is obsolete and doesn't meet the needs of credit unions. Brendan Logue then stated that it was not their fault but the law was in place and it was being flouted. Breda Reid said it was unfair and good credit unions were being penalised."

Very hard to reconcile this (extract from Sunday Independent) with the letter at the start of this forum. The article is utterly damning in terms of the information given through the Save Newbridge CU Action Group and which we were all asked to believe. These articles indicate the Board knew for a long time the Regulator was asking them to cease and desist. Also, a poster asks earlier whether it was true that only a few Directors knew of the big loans, this article is clear the entire Board was hauled before the Regulator so they must have known there were inappropriate loans.

I'm not inclined to make stark judgements on what they did, as I believe the entire country lost the run of themselves. There were few exceptions and there are probably a few Board members who were asking questions but were afraid they would be told (or were told) where to get off, just as Bertie told the naysayers around the same time. But the article again slams the whinging of the CU people who howl about heavy-touch regulation - it is there for worst case scenario, and just like in Anglo, the Regulator failed in his duty. People felt that light touch regulation was what was making the country so successful in the mid noughties but it brought down Anglo and it brought down NCU. Having said that, there is a need for flexible loans to allow for the really valuable work being done by MABS who work with people in trouble, but that can be done within the current system with a little bit of innovation.

Unfortunately despite the huge number of Catholic and other religious-run schools, we have been utterly destitute as a nation in developing people with any sense of ethics or right and wrong. Those who stand up are sidelined and marginalised as being cranky pessimists or worse 'left-wing pinkos'. And ironically the 'Fine Gael Four' who dared question the prevailing belief in Newbridge in the last few months got the same treatment.

I hope some solution is found to get a Credit Union back into the town as I think every town needs one, but I think it will be a while before Newbridge can hold its head up among the towns of the country. Once again people on low incomes are being asked to bail out developers except this time it wasn't on the back of poor decision making by highly paid bank officials but on the back of poor decision making by volunteers.

I am really curious to know why Des Diver has not been mentioned in discussion of the current situation - was he removed when the Special Manager came in or did he transfer to PTSB under TUPE like the other employees?

I am a member of a left wing party in the town and I got savaged by them for daring to question our support of the action group.

The independent article is damning.

Theclockface

'I am a member of a left wing party in the town and I got savaged by them for daring to question our support of the action group.'

Sorry but I don't understand, was the party savaged or was it you personally?

I have been following the story from the start and haven't seen any left wing party savaged, in fact they would seen to me they have been supporting the Action group all along.

Apologies if I have mis-read your post, but would be grateful if you could clarify your position.

raven136

Theclockface wrote: »

'I am a member of a left wing party in the town and I got savaged by them for daring to question our support of the action group.'

Sorry but I don't understand, was the party savaged or was it you personally?

I have been following the story from the start and haven't seen any left wing party savaged, in fact they would seen to me they have been supporting the Action group all along.

Apologies if I have mis-read your post, but would be grateful if you could clarify your position.

All parties in Newbridge are supporting the action group,left wing,right wing etc

If questions are asked or if there is a disagreement with them then you are the one left out.The parties in the town all jumped on the bandwagon without question

That disappoints me

maxwell smart

Theclockface wrote: »

'I am a member of a left wing party in the town and I got savaged by them for daring to question our support of the action group.'

Sorry but I don't understand, was the party savaged or was it you personally?

I have been following the story from the start and haven't seen any left wing party savaged, in fact they would seen to me they have been supporting the Action group all along.

Apologies if I have mis-read your post, but would be grateful if you could clarify your position.

I see they are deleting posts on the new site as well. Someone posted about Sinn Fein deleting posts if they don't agree with the general view of the facebook page and that post has been deleted!!

I hope that's not the left wing party you are associated with!

iamdonie1984

"4. The large loans referred to do not in themselves contribute significantly to the problems at Newbridge Credit Union. It was the intervention of the Central Bank, at a time when it was proving difficult for members to survive and fulfil their commitment to the Credit Union."

Can't get over this from the board. How could they possibly believe this. Fitness and Probity standards obviously not what they should have been, all the cash spent on "Professional Development" and they still don't get it.

Theclockface

Raven135
'All parties in Newbridge are supporting the action group,left wing,right wing etc'

This is most centinly not the case, most parties supported the idea of a new CU in the town, though not necessarly the Action Group case.
This is the Action Group that went about its business by cyber bullying any individual, group, or party who didn't absolutely agree with its position shows that.

I for one would not want to be associated with a group of bullies like that and would have to wonder why anyone else would, political party or otherwise.

Damien360

maxwell smart wrote: »

I see they are deleting posts on the new site as well. Someone posted about Sinn Fein deleting posts if they don't agree with the general view of the facebook page and that post has been deleted!!

I hope that's not the left wing party you are associated with!

Theclockface wrote: »

Raven135


This is most centinly not the case, most parties supported the idea of a new CU in the town, though not necessarly the Action Group case.
This is the Action Group that went about its business by cyber bullying any individual, group, or party who didn't absolutely agree with its position shows that.

I for one would not want to be associated with a group of bullies like that and would have to wonder why anyone else would, political party or otherwise.

It was a facebook page which is for your friends. It is not a discussion forum. They are entitled to remove any post they don't like. A few of mine were deleted also.

The action group did themselves damage by blindly supporting the directors and still continue to do so. There is a bit of the "sure don't I know the family and they are lovely", without questioning their competence. Running a CU into the ground is not a qualification.

orlao

I think it is correct to say that ALL local political parties supported the Save NCU Action Group - there was such an outcry in the town, why wouldn't they. Everyone (including me) supported the broad concept of the campaign. Where I parted ways was when I suggested they link up with the Fine Gael 4 and work with them as they seemed to have the figures done and financial analysis was thin on the ground (or plain wrong as in the 'value in use' issue) with Save NCU. They were having none of it and I was told the 'Concerned' Action Group were Fine Gaelers (so couldn't be trusted, I guess), and this was despite the fact that Martin Heydon was giving his full support. When I said I didn't care what party they were with, that I was a Sinn Féin voter, it still didn't wash and after a bit of verbal abuse I said, good luck. The hysteria was somewhat off-putting.

And Damien360, I don't think they have the right to delete posts (except if they were personally abusive) if they are a community group - communities are and should be diverse, and it is by questioning and challenging each other (albeit in a friendly way) that we find out new things and become robust in our arguments.

I heard they were personally abusive towards Martin Heydon which I have no time for. I've worked on several community campaigns in the past few years (in Newbridge also, although I don't live there) and I wouldn't touch this group with a barge pole. I think they owe a lot of apologies to people, and while their media presence in general is positive, some of the stuff on the FB pages is nothing but delusional.

I'm surprised not more people have called for Des Diver to come out of hiding and explain himself - I've no doubt but that he was on a salary which reflected his position in one of the biggest CU's in the country. Perhaps the local factor has kicked in, he suffered a personal bereavement relatively recently and perhaps this is the reason. I would have no wish to cause him more personal stress but I think the CU Board and senior management should be held to account - nothing can be undone now, but some truth and reconciliation would help.

Grandeeod

Des Diver remained on as general manager when the special manager took over. He is still the general manager and his contract of employment has transferred to PTSB.

musegirl

The action group played on the fears of the ordinary people of the town, and foiled any real chance of saving the Credit Union through merger. Isn't it ironic that this heavy handed group whose purpose was to "Save the Credit Union" were actually instrumental in it's demise. And how much involvement and influence did former members of the board who left the CU in this state have in the Action Group????

Grandeeod

musegirl wrote: »

The action group played on the fears of the ordinary people of the town, and foiled any real chance of saving the Credit Union through merger. Isn't it ironic that this heavy handed group whose purpose was to "Save the Credit Union" were actually instrumental in it's demise. And how much involvement and influence did former members of the board who left the CU in this state have in the Action Group????

Correct.

lanomist

The former directors of Newbridge credit union brought us to the edge and the save Newbridge credit union action group dragged us the rest of the way over. I am not aware where they were getting their information from but they seemed to believe that everything was above board at the credit union which certainly was not the case. In my view the save Newbridge group have lost all credibility and i saw it as a very low point when they placed a picket on the official opening of the Naas CU new sub office in Monread.
I attended the first couple op protest meetings but when i saw that a lot of the same faces who were out protesting against the household charge and water tax i stopped going. If any former directors or members of the protest group have anything to do with a new credit union in the town i for one will give it a wide berth.

Theclockface

On the new Facebook site to set up a new credit union a certin ex-director offers her support and the leader of the group and also the leader of the Save Newbridge Credit Union Action Group responds saying that to the ex-director (who sat with him at the top table during all the public meetiings and was mentioned in the Sindo report last week) says ;

' You are our inspitation'

If she is their 'inspiration' they shouldn't be left anywhere near a new credit union. Their choice of friends is flawed in the extreme.

Wordless

Theclockface wrote: »

On the new Facebook site to set up a new credit union a certin ex-director offers her support and the leader of the group and also the leader of the Save Newbridge Credit Union Action Group responds saying that to the ex-director (who sat with him at the top table during all the public meetiings and was mentioned in the Sindo report last week) says ;

' You are our inspitation'

If she is their 'inspiration' they shouldn't be left anywhere near a new credit union. Their choice of friends is flawed in the extreme.

Seems like an absolute mess at every level.

iamdonie1984

They shouldn't be let anywhere near a viable business never mind a Credit Union. Having never had the privilege of meeting any of these ex-board members, it appears they have no shame. From one directors statement it blamed the Central Banks intervention as the cause of the problems at NCU.

Truth is, they inflicted the most damage long before the CB actually stepped in. And failure to admit that only proves that not only did they lack any knowledge/competency in their role, but also they feel no shame in the part they played in NCU demise.

You can't un-ring a bell, they should apologise and walk away.

Ken.

http://www.rte.ie/news/2013/1211/492230-newbridge-credit-union-court/

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.




In September 2011, the institution had more than €49m in deposits and investments.
However, by March 2013 that had fallen to €17.7m.

kildarelad

Has anybody heard whether they are actually paying a dividend this year ?

Grudaire

kildarelad wrote: »

Has anybody heard whether they are actually paying a dividend this year ?

They're no longer a credit union...

I presume any savings will get interest in line with whatever accounts have been established in ptsb. So probably none for the past year, but then guaranteed next year (pure guesswork)

kildarelad

They're no longer a credit union...

I presume any savings will get interest in line with whatever accounts have been established in ptsb. So probably none for the past year, but then guaranteed next year (pure guesswork)

Thats fair enough but if you read this article http://tnt24.ie/index.php/2013/11/permanent-tsb-steps-in-to-save-newbridge-credit-union-from-bankruptcy/40426/ they said they would pay some sort of dividend would have been nice to get it this side of christmas i know what i will be doing in the New Year with my savings

Grudaire

Well there's your answer!

Dividends and interest on savings nowadays isn't worth much between the low interest rates poor loan book performance and the tax which is around 50% I'm not sure you'll do much better

lanomist

Anyone know what is happening with regard to a credit union in Newbridge. After almost a year of protest marches, meetings, interviews and media saturation now complete silence. Is it now dead in the water or is the save Newbridge credit union committee still in existence and working behind the scenes to establish a new credit union in the town.

Diego messi

There is nothing going on. The people who organised the protest march are gone completely quiet. I would say there could be at least one of them preparing for a run at the local elections. I will look forward to any one of these people knocking on my door seeking a vote. I have questions of which I'd like answered.What qualifications they had that some of them became overnight financial experts? Do they accept that their actions created a run on ncu last summer? Do the accept that their negative campaign has now resulted in newbridge not having a credit union today? Could ALL of that particular group indeed confirm that they were all members of ncu prior to the start of their negative campaign? Can they furnish exactly where they spent monies that were raised for their campaign? What local charities benefited as was promised from any left over monies? What is the exact up to date position with regards to this group providing a "sub-branch" of another credit union?
These people that carried out their campaign would they now admit that their course of action last summer has now left newbridge without a credit union!!!

Ken.

lanomist wrote: »

Anyone know what is happening with regard to a credit union in Newbridge. After almost a year of protest marches, meetings, interviews and media saturation now complete silence. Is it now dead in the water or is the save Newbridge credit union committee still in existence and working behind the scenes to establish a new credit union in the town.

Where are they gone you ask? On to the next crusade, water meters,pylons,turf cutters, save the something or other that no one gives a fück about. But rest assured you'll see their high horses at a location near you soon.

Theclockface

Well spoken Ken, I have heard that the ringleader of that band of wasters is in the process of getting his photo done for his run at self glorification in the 2014 local elections.

It's now clear that he highjacked the well founded fears and concerns of the people of Newbridge to further his own personal ambitions.

HonalD

Theclockface wrote: »

Well spoken Ken, I have heard that the ringleader of that band of wasters is in the process of getting his photo done for his run at self glorification in the 2014 local elections.

It's now clear that he highjacked the well founded fears and concerns of the people of Newbridge to further his own personal ambitions.

Shock horror! :rolleyes:

He'll surely top the pole.

sparksfly

I hear there are a fair few hoops to be jumped through to get a loan now, even if you have a perfect record with them.

kkelly77

Anyone know what happened to those with existing loans?

Did new loan contracts have to be issued as all loans (and deposits) have been taken over by PTSB? In fact, does the take over make loan contracts technically invaid now?

BuffyBot

Why would it?

kkelly77

BuffyBot wrote: »

Why would it?

Because wouldn't original loan contracts be between borrower and Newbridge CU.

Seeing as PTSB have taken over all deposits and loans, should loan contracts not be between borrower and PTSB (or borrower and PTSB trading as Newbridge CU)?

Damien360

kkelly77 wrote: »

Because wouldn't original loan contracts be between borrower and Newbridge CU.

Seeing as PTSB have taken over all deposits and loans, should loan contracts not be between borrower and PTSB (or borrower and PTSB trading as Newbridge CU)?

You are clutching at straws. It was a takeover. PTSB assumed responsibility for all loans and savings. You hardly think they would have not have closed all the obvious loopholes to get away with paying your loans ?

BuffyBot

kkelly77 wrote: »

Because wouldn't original loan contracts be between borrower and Newbridge CU.

Seeing as PTSB have taken over all deposits and loans, should loan contracts not be between borrower and PTSB (or borrower and PTSB trading as Newbridge CU)?

No.

A new owner doesn't mean existing commitments vanish or are invalidated.

kkelly77

I am not questioning validity of loans or saying it is an excuse for borrowers not to pay. I didn't mention that anywhere in my posts.

I am merely questioning how can original loan documentation be in place for an entity that isn't responsible for the loan anymore. I would have thought, at the very least, updated or renewed loan contracts would have been issued to reflect the changes. To cover PTSB's ar$e if nothing else.

BuffyBot

Why do you think it doesn't exist? Newbridge CU still exists as an entity. The ownership has changed, but the original organisation hasn't gone away. New documentation isn't required as it hasn't been subsumed into Permanent TSB's corporate structure.

kkelly77

BuffyBot wrote: »

Why do you think it doesn't exist? Newbridge CU still exists as an entity. The ownership has changed, but the original organisation hasn't gone away. New documentation isn't required as it hasn't been subsumed into Permanent TSB's corporate structure.

Reading THIS makes one think the contrary.

The material to be made available relates to the bank's application more than two years ago to have a special manager appointed to the credit union, ultimately leading to the decision last month to subsume it into PTSB.

BuffyBot

I assume you're hanging on the term subsume, being common to my post and the article?

Completely co-incidental and meant in different ways.

kkelly77

BuffyBot wrote: »

I assume you're hanging on the term subsume, being common to my post and the article?

Completely co-incidental and meant in different ways.

No, I'm not. Complete coincidence.

mickmac76

Did anyone get a letter from newbridge credit union today saying the credit union are vacating the building early next year. I shredded mine in error before reading it more closely. I'm interested in what it says about deposits and new loans from the credit union. If I remember correctly your savings are now in TSB and loans are issued by TSB rather than with the credit union. If this is so I'll be withdrawing from the credit union. My account was with the credit union and the community not with the bank of TSB. Does anyone have a copy of the letter they could scan and upload. The website mentions the building being vacated but nothing else.

Mick.

Damien360

mickmac76 wrote: »

Did anyone get a letter from newbridge credit union today saying the credit union are vacating the building early next year. I shredded mine in error before reading it more closely. I'm interested in what it says about deposits and new loans from the credit union. If I remember correctly your savings are now in TSB and loans are issued by TSB rather than with the credit union. If this is so I'll be withdrawing from the credit union. My account was with the credit union and the community not with the bank of TSB. Does anyone have a copy of the letter they could scan and upload. The website mentions the building being vacated but nothing else.

Mick.

I dumped mine but read it

The CU loan book and savings are now part of TSB. The car draw ends this month. They will be offering more loans with different options was the wording I believe. In short, you apply for a bank loan along the lines if their current offerings in the bank. The CU is dead and once the building is occupied by the dole office, the name will disappear for good.