Press Release

SIPTU members at Newbridge Credit Union to meet over transfer to Permanent TSB

Date Released: 11 November 2013

SIPTU members in Newbridge Credit Union will meet this evening (Monday 11th November) following the High Court decision on Sunday to transfer it to Permanent TSB.

SIPTU Organiser, Adrian Kane, said that the credit union employees had been treated disgracefully prior to the transfer. The transfer to Permanent TSB followed the collapse of a proposal to merge the credit union with Naas Credit Union.

“There was no communication from the special manager of Newbridge Credit Union or from the Central Bank with staff or their representatives prior to the transfer to the Permanent TSB last night. We had sought meetings with the Newbridge manager and the management of Naas Credit Union but they were suddenly cancelled last week. Our members only heard of the decision to transfer to Permanent TSB through the local radio station on Saturday. This is not an acceptable way to treat staff,” Adrian Kane said.

He said that concerns of a run on the credit union were completely overstated by the Central Bank and that the entire transfer affair was conducted with undue haste.

“Union representatives will meet with staff this evening to consider the options available to them. The retention of jobs is the priority. We will also be seeking an immediate meeting with Permanent TSB management. We will be hopeful that Newbridge Credit Union can retain its autonomy within the Permanent TSB structure with a view to it being re-established as a normal credit union after a period of stabilisation,” he said.

SIPTU represents over a thousand workers in the credit union sector.


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