900 attend Hands off Newbridge Credit Union meeting

Newbrdigeby Mick Healy

Feelings have been running high in the past week as the Newbridge, Co. Kildare, Credit Union saga appears to be drawing to a close. A Sunday newspaper report added fuel to the fire by quoting a statement from the Central Bank that Naas Credit Union submitted a proposal to the Central Bank last April to combine Newbridge Credit Union with Naas.

A massive turnout for Wednesday night’s meeting at the Ryston Sports Centre, with over 900 angry people, heard a spokesperson from the newly-formed Credit Union Action Group state, ”we are prepared to fight for the future of the struggling institution, and the other serious question of the staff jobs”. The Credit Union Action Group also said they “intend to seek legal advice on the constitutionality of the actions taken by the government and the Central Bank”.

It is also clear that members of both Credit Unions will have no say in the proposed merger as this power is now vested in the case of Naas in the directors. In Newbridge power has ended up vested in the hands of the special manager Luke Charleton who will vote on behalf of Newbridge Directors.

Charleton, of global accountancy and ‘professional services’ firm Ernst & Young, was appointed to run Newbridge Credit Union in January 2012. Since he was appointed to the Credit Union his fees have exceeded 2 million Euro – 423 Euros an hour.

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Posted on August 9, 2013, in Corruption, Credit unions, Economy and workers' resistance, Irish politics today, Public events - Ireland, Social conditions. Bookmark the permalink. Comments Off on 900 attend Hands off Newbridge Credit Union meeting.

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