State to inject €50m as PTSB set for Newbridge Credit Union

The Central Bank is due to go to the High Court tomorrow or Tuesday to propose that Permanent TSB should take over the business of Newbridge Credit Union.

10th November, 2013

The Central Bank is due to go to the High Court tomorrow or Tuesday to propose that Permanent TSB should take over the business of Newbridge Credit Union, after the board of Naas Credit Union refused to merge with it. The move will involve the injection of some €50 million of taxpayers' money to make good the hole which has emerged in the credit union's balance sheet.

The union employs roughly 30 staff, who are...

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