We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Sam Boal/Photocall Ireland
Credit Unions

Gilmore: Newbridge Credit Union is a one-off case

Gilmore said the government hopes it will be possible to have a credit union in Newbridge again.

TÁNAISTE EAMON GILMORE has said that the takeover of Newbridge Credit Union by Permanent TSB is a “one-off case”.

Speaking to journalists at the Department of Education today, Gilmore said he could understand the “sense of disappointment” there is in Newbridge, with one group threatening to take their case to Europe to stop the takeover.

The Central Bank was expected to make an application to have the loans and assets of the credit union transferred to the state-backed bank today, but an order of transfer was signed in the High Court yesterday.

“The action has to be taken to protect the depositors and the savings that were in the credit union,” Gilmore said. “We would have preferred if it had been possible to have had an amalgamation of credit unions. This does not have ramifications for other credit unions, this is something that has happened on a one-off basis.”

(Video: Hugh O’Connell/YouTube)

The Tánaiste added that the government supports the “ethos and the solidarity that the credit unions are based on” and hopes it will be possible to have a credit union in Newbridge again.

Related: Newbridge Credit Union taken over by Permanent TSB>

Read: Newbridge Credit Union staff set to meet tonight to discuss takeover>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.