Newbridge Credit Union

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.