Local credit unions in a healthy position

Credit Unions in Louth are in a strong financial position, a local credit union representative said this week.

Credit Unions in Louth are in a strong financial position, a local credit union representative said this week.

This follows the transfers of the loans and savings of the Newbridge Credit Union to Permanent TSB.

The Newbridge Credit Union has been in trouble since 2008, was at risk of going into liquidation if the transfer had not been approved, and the Central Bank moved on the situation this week.

Formerly owned and controlled by its members, Newbridge credit union will now be in the full control of the bank.

But Norman McDonnell, general manager Kilsaran Credit Union, said he would agree with the statement from the Irish League of Credit Unions (ILCU) about the position of credit unions affiliated to the union.

“The number of credit unions not affiliated to the Irish League of Credit unions are few and far between,” Mr McDonnell said.

Credit unions affiliated to the league are in a healthier position than last year.

The ILCU said that its forthcoming figures will show that those affiliated to the ILCU “are in a strong financial position with capital levels equal to or in excess of those required by the Central Bank.”

It is understood that the move will involve no redundancies to the credit union’s 36 staff, who will now transfer to Permanent TSB,