By Noel O’Driscoll
THE initial shock at the announcement that a ‘special manager had been appointed to Newbridge Credit Union has turned to anger as members of the credit union questioned why the appointment was made in the first place.
The news that Luke Charleton from Ernst and Young had been appointed by the High Court to assume the functions of the Board of Directors filtered through around tea time last Friday.
Mr Charleton met worried staff members early on Saturday morning and he reassured them of the future of the credit union. The staff members in turn, led by manager Des Divir, immediately began an information campaign to allay the fears of anxious members and by Monday that fear seemed to have abated somewhat.
The credit union itself was bustling with activity just before lunchtime on Monday but if there was any panic by members it certainly wasn’t evident.
Staff members were in good humour as they informed the members of recent events.
The appointment of the special manager was made under the Central Bank and Credit Institutions (Resolution) Act 2011 and it is the first time that the courts have ever had to consider such an appointment.
Mr Justice Nicholas Kearns was told that 2011 draft financial statements from the Credit Union indicated that the credit union did not hold the reserves required by law and there was considerable uncertainty about its financial position.