Department of Finance must fund Newbridge Credit Union shortfall

The Department of Finance will have to fund a significant capital shortfall in Newbridge Credit Union to support its takeover by neighbouring Naas Credit Union.

3rd August, 2013

The Department of Finance will have to fund a significant capital shortfall in Newbridge Credit Union to support its takeover by neighbouring Naas Credit Union, *The Sunday Business Post* has learned.

The shortfall, which will be plugged from the Department's €500 million credit union resolution scheme, could run into the tens of millions due to what one Central Bank source called "severe and persistent breaches of regulations, particularly around reserves”.

The low capital levels...

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