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Appointment of Special Manager to Newbridge Credit Union

The Central Bank have applied to the High Court to seek the appointment of  a special manager to Newbridge Credit Union under the Central Bank & Credit Institutions (Resolution) Act 2011.  This is the first time this legislation was used for this purpose. 

The appointment will see the special manager take over the complete running of Newbridge Credit Union with immediate effect.  The Central Bank has confirmed that the Credit Union will continue to operate as normal and that this action was taken to protect members savings.

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