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Statement - Newbridge Credit Union

11th November 2013

CUDA is extremely concerned about the Central Bank and Government’s decision to transfer the member owned Newbridge Credit Union to the State owned Permanent TSB plc.

Our immediate concern is for the members, volunteers, staff and community of Newbridge. While the Government and Central Bank have stated objectives of supporting the strengthening of the Credit Union movement in Ireland, the process pursued in respect of Newbridge Credit Union for the last twenty two months only demonstrates a lack of understanding of the important role that credit unions play in Ireland.

It is not appropriate that a Community in Ireland is deprived of Credit Union services as a result of the decision by Statutory Regulators and the Minister for Finance to use untested legislation, designed for failed Banks.  It has to be questioned what the Central Bank and the Special Manager have been doing for the last two years that has led to such a drastic action.  This needs to be understood and explained to the people of Newbridge and the wider Credit Union community.

CUDA does not believe that all possible alternative solutions have been properly and timely examined. We remain available to explore all options that would ensure the continuation of credit union services for the members of Newbridge Credit Union. We believe it is incumbent on the Minister for Finance, the Governor of the Central Bank of Ireland and the Registrar of Credit Unions to work with us to restore Credit Union services to the Newbridge community immediately.

In the interim, we would urge all, members of Newbridge Credit Union to remain loyal by continuing to save with NCU and by repaying their loans in the normal manner, while we seek to restore Credit Union services for you. Any unnecessary withdrawal of funds will weaken your credit union, giving justification to the transfer decision. Without your local credit union, members will be forced to rely, against your wishes, on the services of the profit driven, financial institutions.

Finally, it is also critically important that all Credit Union members know that your Credit Union is an independent standalone entity. Credit Unions are not linked to each other and no other Credit Union is affected by this Central Bank action. Your savings are covered under the Deposit Guarantee Scheme up the €100,000 per member.

 

Credit Union Bill 2012 

The Credit Union Bill was enacted on 19th December 2012.  It is an excellent example of the various stakeholders within a sector working together towards a common objective that's clearly in the best interests of the end consumer; in this case, credit union members.

CUDA wishes to thank the Minister for Finance, Michael Noonan TD, Minister of State at the Department of Finance, Brian Hayes TD, all members of the Oireachtas who demonstrated such strong support for the Credit Union sector in Ireland, and the officials from the Department of Finance who worked so diligently on ensuring this necessary legislation was passed before year-end.

The application of the legislation is primarily the responsibility of the Registrar of Credit Unions and we believe that it should be delivered in a manner that is reasonable, appropriate and transparent.  CUDA recognises the challenge in trying to achieve these worthy principles however, they are essential to preserving the strong bond that exists between credit unions and their members and ultimately to maintaining the uniqueness of the credit union model.

 

CUDA AGM & Conference 2014

The CUDA AGM & Conference 2014 was held in the Ballymascanlon Hotel, Dundalk on the 25th January 2014. For more information CUDA AGM & Conference please click here.

CUDA Directors' & Supervisors' Development Programme (CUDAS)

The CUDA Directors' & Supervisors' Development Programme launched in May 2010.  More information is available here.

CUDA National Primary School’s Quiz 2014

The CUDA National Primary School’s Quiz was held at the Tullamore Court Hotel on Saturday, 22nd March 2014.  For information about CUDA School Quiz 2014 Winners please click here.

Credit Union Advisor (CUA)

New Credit Union Advisor Qualification wins approval from Financial Regulator. This was a joint initiative by CUDA and the Credit Union Managers Association CUMA. Please find more information here.

The value based Credit Union model

The ethos and philosophy of a Credit Union is based on helping individuals to help themselves, their families and the wider community in which they live and work.  This cooperative based philosophy, set of values and principles that delivers the Credit Union value based economic and social model continues to stand the test of time.  Collectively we need to ensure that the supports for this model evolve to ensure that they continue to be capable of meeting the ever changing challenges we face.

CUDA have produced a strategic framework that will act as a roadmap to achieve this.  It addresses the key areas of prudential management, the crafting and redefinition of Credit Union business strategy, governance and operations, and finally calls for the introduction of enabling legislation and regulatory framework.

Download the document here.


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