In the aftermath of a heated public meeting and having received confirm from the Department of Finance that discussions on an amalgamation have taken place with Naas Credit Union, Kildare South Fianna Fáil TD and Party Whip Seán Ó Fearghaíl has written to Mr. Luke Charleton, Special Manager at Newbridge Credit Union asking him to address members of the local credit union, as a matter of urgency.
“I believe it is entirely reasonable that, more than 18 months after his appointment and with his position as Special Manager confirmed by the courts up until December of this year, Mr. Charleton should immediately explain to Newbridge Credit Union members the nature of his findings, to date, and any plans or recommendations he has in relation to the future development of Newbridge Credit Union”, the Deputy said.
“The courts have gagged the directors of the credit union but Mr. Charleton is not, to the best of my knowledge, subject to the same gagging order” he continued.
“In my opinion it is totally unreasonable to suggest that a very large credit union, such as Newbridge, can resolve whatever problems it may have through amalgamation with another very large entity, serving the need of an entirely different community” he added.
“Such amalgamations cannot represent the way forward to the credit union movement”, he suggested.