Central Bank plays hardball with Newbridge Credit Union

How the Central Bank fares in resolving the financial problems at Newbridge Credit Union will be a litmus test of its plan to clean up the credit union sector, writes Jon Ihle.

22nd January, 2012
Central Bank plays hardball with Newbridge Credit Union
Newbridge Credit Union: it valued its luxurious premises at about €12 million in 2009 and 2010. Photo: Barry Cronin

If the chief executive of the Financial Regulator pays a visit to your credit union, it either means you're doing something really right or something really wrong. If a whole detachment of regulators arrives with him, it's probably more than a courtesy call.

Eight years ago, Liam O'Reilly, the financial regulator at the time, took the trouble to get in a car and drive the 42 kilometres down the N7 to Newbridge to confront the...

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