The central bank usually posts their affidavits online after some delay.
I'd be interested to see what this one says if it ever sees the light of day.http://www.newbridgecu.ie/content.asp?section=72
A Director of Newbridge Credit Union, Ben Donnelly is a member of the CUDA National Council. In addition the Manager of Newbridge Credit Union, Desmond Diver is also a member of the CUDA Management Committeehttp://www.newbridgecu.ie/content.asp?section=71
Board of Directors L-R Back Row: Michael Murphy, Patrick Ruddy, Paddy O'Carroll, Desmond Diver, Paul Maher, Ben Donnelly,Liam Keogh, Joseph Murphyhttp://www.leinsterleader.ie/news/local ... _1_1938675
L-R Front Row: Aine Foley, Maria McDonald, Patrick Ryan, Anna Munko, Breda Reid.
Missing from photo - Michael Mullally
However, there was significant disquiet when he admitted, in response to a question from a shareholder, that the biggest individual loan was "in excess of a million"
Gavin McCluskey from the auditor firm Grant Thornton was full of praise for the board and their action. He said that the 1% did not mean that "Credit Union was weak. In fact, quite the contrary"
Ha Ha priceless.http://www.boards.ie/vbulletin/showthre ... 2056097542
I've been looking at Newbridge Credit Union accounts for this year in advance of the AGM next Thursday night in Ryston Sports and Social Club. It seems that the credit unions directors and management may have some very serious questions to answer even though they say they will pay a dividend this year of 1.5%.
Bad debts have dramatically increased from €5m in 2008 to €20m this year without any reasonable explanation in the accounts. This is 14.3% of loans. I am also a member of another credit union which slightly smaller and its bad debts are only 4% of loans. Newbridge Credit Union's chairmans report is quite odd – the massive provisions aren’t even mentioned!