Naas Credit Union

The concern over the situation at Newbridge credit union has now spread to Naas as news emerges of a possible merger between the two organisations being touted by the Central Bank.

Fianna Fáil’s Naas Area Representative, James Lawless said serious questions have to be asked about Newbridge credit union and the latest development has now caused new concerns amongst the Naas credit union membership.

“It is a merger or is it a takeover or is it a transfer of the loan book? If it is a transfer of the book, what condition is it in and what are the implications on solvency and capital requirements? These are serious and real questions and I think members of both credit unions have a right to know” James stated.

“I would also ask about the circumstances surrounding the special manager. What fees have been paid to date and what service has been rendered in that time? There is an urgent need for accountability and transparency around all of this”.

“Just last Thursday (August 1st) new regulations came into force regulating credit union personnel. While this brings them in line with rest of industry it is important to differentiate between them and the banks. The credit union movement provides an essential service in every community. We have seen in the UK the growth of ’pay-day’ loan sharks and the credit union movement has always served the people well in keeping people away from those sort of scenarios” claimed James.

“I’m a member in Naas myself and I have to say it is an excellent credit union and has always met the needs of the community in an exemplary fashion. Like so many other credit unions it provides a significant public service and on a not-for-profit basis”.

“I have concerns at a wider government agenda here, in terms of the credit union movement nationally. I think its an open secret that the government want to reduce the number of credit unions in the same way they are trying to take Post offices, Garda stations and many other facilities away from communities. The situation is not helped by an apparent government policy to move savers over to the banks so that they can shore them up with the deposits. I think the banks have got enough public money at this stage, and any more should not be at the expense of the credit union movement” concluded James.