Fianna Fáil TD for Kildare South, Seán Ó Fearghaíl TD, says the process which has led to Permanent TSB taking over Newbridge Credit Union has been a spectacular failure.

The High Court last night approved the takeover, which will see all current Credit Union members transferred to being bank customers.

Deputy Ó Fearghaíl commented: “The process that the Central Bank and the regulator has pursued since Newbridge Credit Union first ran into difficulty in 2011 has been spectacularly unsuccessful. The appointment of a special examiner to manage the institution has cost over €2 million alone.

“The whole process has been cloaked in secrecy and the credibility of the directors in Newbridge Credit Union have been damaged.  Statements were made about activities in the Credit Union without people involved having a chance to respond.

“Even more concerning is the fact that this morning, people who thought they were members of a credit union are now customers in a bank.

“I note that the Central Bank said in its affidavit to the High Court that media reports had contributed to a run in deposits at the Credit Union.  However, the whole process of appointing an examiner and the lack of clarity was even more damaging.

“Members of the Credit Union have not been consulted as to their views, which I find very worrying.”