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Dublin: 7 °C Friday 13 December, 2019
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Provisional meeting scheduled between Siptu and PTSB over Newbridge Credit Union

Siptu wants to meet with management after Newbridge Credit Union was taken over by Permanent TSB this week.

Newbridge Credit Union sign.
Newbridge Credit Union sign.
Image: Photocall Ireland

MEMBERS OF THE SIPTU trade union at Newbridge Credit Union have a “provisional” meeting arranged with management of Permanent TSB tomorrow.

A spokesperson for the trade union confirmed to TheJournal.ie that a meeting with management is scheduled to be held either tomorrow or Friday.

SIPTU, which represents 30 of the 37 staff at Newbridge, said its workers have been treated disgracefully by management in recent weeks and want their future to be clarified.

Management

Newbridge Credit Union was taken over by Permanent TSB this week as it emerged that it had given out loans of up to €3.2 million – considerably more than the average credit union loan of €7,764.

Members of Siptu at Newbridge Credit Union met yesterday evening to discuss the fall-out from the institution’s transfer to Permanent TSB.

Today discussions about the takeover continued, with the head of the Irish League of Credit Unions dismissing reports that one quarter of the movement’s 393 individual establishments were in trouble and had been placed on a Central Bank watchlist.

Speaking today in the Dáil, Eamon Gilmore said that there are twenty credit unions that have reported regulatory reserves below the minimum requirement.

Read: Central Bank assessing issues at 100 credit unions>

Read: Credit Union chief says there is “no evidence” 100 movements are in trouble>

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