Central Bank to seek orders for release of material on Newbridge Credit Union

The Central Bank will apply to the High Court for orders permitting the public release of some, but not all, of the material used to support its application to have Newbridge Credit Union subsumed into Permanent TSB for some €54 million.

The president of the High Court, Mr Justice Nicholas Kearns, said he will deal with the matter on December 11th.

The judge was told earlier by Ailbhe O’Neill, for the Central Bank, that it wanted to bring an application to lift “insofar as it can” the confidentiality orders and restrictions on publication of material related to the application concerning Newbridge Credit Union. There was a lot of material involved, counsel added.

On the application of the Central Bank at a late-night High Court sitting on Sunday, November 11th, the credit union was transferred to PTSB for some €54 million. Two years earlier, the bank had applied to the High Court for a special manager to be appointed to the credit union over alleged breach of solvency rules and after a proposed merger with Naas Credit Union was rejected.

The Newbridge Credit Union board had expressed great concern over the PTSB takeover. It is understood the board has now decided not to take any legal action over the move.