permanent tsb has announced that the deposits and loans of Newbridge Credit Union, a community-based credit union in Newbridge, Co Kildare, have been transferred to permanent tsb.
The transfer follows a request from the Central Bank of Ireland to permanent tsb and an order of the High Court granted yesterday.
As a result of this transfer, all customer deposit and loan accounts which were heretofore held with Newbridge Credit Union will now be managed by permanent tsb bank.
permanent tsb will honour all deposits held with Newbridge Credit Union. In line with the normal policy whereby Credit Unions pay a dividend to members linked to the size of their deposits with the CU, permanent tsb has committed that it will make a payment to Newbridge Credit Union deposit holders in recognition of their support in recent months for their Credit Union during what was a period of considerable uncertainty. Further details of this payment will be announced in due course.
Newbridge Credit Union members who have queries relating to the transfer should consult the Credit Union’s website www.newbridgecu.ie.
permanent tsb will communicate directly with members of the Credit Union in the coming days on the implications of the transfer. The Credit Union has approximately 32,000 deposit accounts and 7,000 loan accounts.
Speaking today, the Group Chief Executive of permanent tsb Group Holdings plc, Mr Jeremy Masding, said the transfer will bring clarity and stability to the members of Newbridge Credit Union as their accounts are now being managed and backed by one of Ireland’s major retail banks.
permanent tsb has had a branch presence in Newbridge for many generations and we recognise the deep and long-standing relationship Newbridge Credit Union has had with the local community since it was established in 1968. Our role is to stabilise the Credit Union and ensure that this special relationship with the local community is protected.
This transfer means that Newbridge Credit Union members can be assured that they can continue to operate their loan and deposit accounts as normal.
This has been a difficult period for the members of Newbridge Credit Union but they can be confident that permanent tsb, one of Ireland’s leading retail banks, will ensure the management of both deposit and loan accounts to the highest industry standards.
The Central Bank requested permanent tsb bank to undertake this transaction given the significant financial difficulties facing Newbridge Credit Union and the need to address member concerns over the security of their deposit accounts and to ensure the most effective management of the Credit Union’s loan book.
Mr. Masding said permanent tsb is pleased to be able to bring stability to the situation.
We are bringing stability and management expertise to the significant financial challenges facing Newbridge Credit Union. We believe that the terms of the transfer will protect permanent tsb bank from any financial risk in the transaction and this will enable us to focus our resources entirely on managing the Credit Union’s deposits and loan book.