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Thread: New Bridge Credit Union Taken Over By Central Bank

  1. #16
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    I well recall reading the Registrar's evidence to an Oireachtas committee which was full of elisions, elusions, and other half muttered unicorn statements about how sound the Credit Union sector was.

    That evidence was a disgrace and contained the information that the liquidity ratios for Credit Unions had been lowered in an effort at a kind of soft 'stress test' result.

    The next Credit Union to be bailed out I predict will be the Garda Credit Union which is quite frankly deserving of an outside police investigation in itself.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  2. #17
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    any word of list of Creit Unions cuaght in Anglo collapse

  3. #18
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Noonan

    http://www.kildarestreet.com/debates/?id=2013-09-18a.10

    There is always a difficulty in giving information on financial institutions under pressure. Everyone in the community in south Kildare knows that there was a significant movement of deposits out of Newbridge Credit Union during the summer and extra information would have fuelled it further. I want to reassure people that there is no risk to anyone's money in Newbridge Credit Union. The Central Bank, through the use of the special fund, will protect the savings of all depositors in Naas, not just depositors below the sum of €100,000. It gave these guarantees coming out of August and stopped the movement of deposits. While it is regrettable that Deputies were not given full information, the provision of full information for the public would have made matters worse in midsummer. There is a real difficulty in Naas and Deputy Seán Ó Fearghaíl will revise his opinion when he gets the full information and the confidentiality clause imposed by the High Court is removed. I will co-operate with Deputies and give them as much information as I can. I am delighted to be in a position to meet the local committee tomorrow in the Department and will be as frank as I can with information. I assure everyone that there is a real difficulty that has been taken in hand. It will cost the taxpayers an awful lot of money. It is the first big credit union to be in difficulty. We have all had reports on the credit union movement and, by and large, it is sound. There are over 400 individual credit unions, of which about 30 are in difficulty. The credit unions, the Central Bank and the regulator of credit unions are moving systematically to ensure one of the finest institutions we have is secured nationally and in all of its branches by one intervention or another.

  4. #19
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Good thing the country is not broke

    TAXPAYERS face having to stump up €70m to plug a huge hole in the accounts at a controversial credit union.

    The Central Bank persuaded the High Court to appoint Luke Charleton of Ernst & Young as special manager of Newbridge Credit Union in January last year.

    Now it can be revealed that the Central Bank plan to merge Newbridge and Naas will cost €70m.

    The losses are due to commercial property loans not being repaid, and a massive devaluation of the new building that houses Newbridge Credit Union.

    And it has emerged that Naas Credit Union may no longer be prepared to link up with Newbridge.



    It is understood there is now massive political pressure on the Central Bank to sort out the problem
    http://www.independent.ie/irish-news...-29616990.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  5. #20
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Very ominous to see Ciaran Brennan of the League of Credit Unions and Brendan Burgess of askaboutmoney on Prime Time assuring the nation that CUs have loads of reserves and won't cost the taxpayer a penny.
    Seemed eerily reminiscent of Neary's 'the banks are so well capitalised' appearance on the same programme in 2008.

  6. #21
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Certainly will with that kind of negativity going around PJ











    *cries*



    What's the IBRC angle on all this if any?

  7. #22
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Quote Originally Posted by Dr. FIVE View Post
    Certainly will with that kind of negativity going around PJ











    *cries*



    What's the IBRC angle on all this if any?
    The CUs were burnt badly when IRBC was liquidated. Think the figure is around 40 million but I'll have to check. They're now busy lobbying local politicians like Phil Hogan to get repaid. Apparently Mayo CUs are meeting Enda next week.
    Like the banks however the real problem is the rate of arrears and non performing loans.

  8. #23
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    solvency or liquidity

  9. #24
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Quote Originally Posted by Dr. FIVE View Post
    solvency or liquidity
    Solvency.

    Ireland’s central bank, which regulates the sector, judged 79 of the 407 credit unions in the Irish Republic to be a solvency risk, with up to €1.7bn of loans at risk of being written off. The bank estimates that repayments are in arrears on about 18 per cent of the €5.9bn on loan with unions and has introduced restrictions on lending for more than half of all credit unions operating across the country.
    http://www.ft.com/intl/cms/s/0/473ce...#axzz2gQKkmcr8
    And that's from two years ago. Not like things have got better since.

  10. #25
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    30 of 400 according to Noonan above

  11. #26
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    You will remember how the spanish government forced the caixes to become banks thus taking away their obligation to reinvest their profits in social projects. Im not sure, but I would guess that this is the model they are trying to follow here and also that those credit unions most in trouble would be the dublin commuter belt ones.............????

  12. #27
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Naas Credit Union turns down merger with Newbridge Credit Union -

    Naas Credit Union has informed the Central Bank that it will not be proceeding with a proposed merger with Newbridge Credit Union.
    The merger was suggested as a solution to financial problems at Newbridge Credit Union which had result in losses believed to be in the order of tens of millions of Euro.
    In a statement this afternoon, the Central Bank said it was continuing to work on a solution to the financial difficulties at Newbridge Credit Union.
    It said it was actively engaged in commercial discussions.
    The Central Bank has identified a suitable alternative to the merger.
    The Central Bank says it is "actively pursuing" that option, which would resolve the problems and protect members' savings and services.
    The Central Bank is expected to go to the High Court this week to get approval for the proposal.
    Newbridge Credit Union has been run by a special manager who was appointed by the High Court in January 2012, after financial problems were discovered at the credit union.
    The options available to the Central Bank are set down in the 2011 Resolutions Act - one available option allows a bank to take over the business of a credit union with financial problems.
    http://www.rte.ie/news/2013/1109/485...-credit-union/
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  13. #28
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Naas Credit Union turns down merger with Newbridge Credit Union -

    Naas Credit Union has informed the Central Bank that it will not be proceeding with a proposed merger with Newbridge Credit Union.
    The merger was suggested as a solution to financial problems at Newbridge Credit Union which had result in losses believed to be in the order of tens of millions of Euro.
    In a statement this afternoon, the Central Bank said it was continuing to work on a solution to the financial difficulties at Newbridge Credit Union.
    It said it was actively engaged in commercial discussions.
    The Central Bank has identified a suitable alternative to the merger.
    The Central Bank says it is "actively pursuing" that option, which would resolve the problems and protect members' savings and services.
    The Central Bank is expected to go to the High Court this week to get approval for the proposal.
    Newbridge Credit Union has been run by a special manager who was appointed by the High Court in January 2012, after financial problems were discovered at the credit union.
    The options available to the Central Bank are set down in the 2011 Resolutions Act - one available option allows a bank to take over the business of a credit union with financial problems.
    http://www.rte.ie/news/2013/1109/485...-credit-union/
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  14. #29
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Apparently the 'option' identified by the CB is a takeover by Irish Permanent, according to Charlie Weston in tomorrow's Sindo.

  15. #30
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    Default Re: New Bridge Credit Union Taken Over By Central Bank

    Takeover done and dusted, went to the High Court this morning, but some people in Newbridge are kicking up.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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