Newbridge credit union

wbbs said:
The point of credit unions as far as I can see is to give people who the banks have no interest in lending to access to credit, if you are not in that category then I can see how you would not understand what credit unions do. Admittedly some lost the run of themselves but there are still some very well run ones around that give a very valuable service.
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Thanks.
The first part of your reply sounds to me like classic sub-prime lending territory.
I have not doubt that many of them are well run.
 
Not really, we are talking about a few hundred quid for Christmas or to pay for back to school or buy a cheap car, not the banks hunting ground. Small loans like that is the bulk of credit union stuff, most of which would have been repaid fine if so many had not lost their jobs.
 
Now anything over €200 loan requires a full financial history including spending on daily meals. Information gathering Inc.
 
Paddyman said:
Now anything over €200 loan requires a full financial history including spending on daily meals. Information gathering Inc.
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I don't see what is wrong with this. If Newbridge had been doing this all along, they wouldn't be in the mess they are in.

Frankly I'm aghast at the antics of the protestors outside Newbridge CU yesterday. If they are so dead set against the transfer to PTSB, the Government should have liquidated it or given savers 10c on the euro. Then they would have had something genuine to moan about.

Whingeing about the loss of the Credit Union ethos when the Amateur- Hour Board got so far over their heads that the taxpayer has to stump up €54 million is laughable. How can you have bakers/dentists/plumbers or whatever that generally make up the Boards of CU's deciding on multi-million euro loans in this day and age???

It is also typical, why blame the actual culprits when you can blame the Government instead!!

By baling Newbridge out, they have set the precendent for the inevitable next one to be baled out due to over extension by amateur bankers...
 
Interestingly it is reported today that Naas CU wanted a figure of €69 million to merge with Newbridge CU. They were looking for a cash sum of €48 million and €21 in loan guarantees.

I wonder if the PTSB fugure of €54 million includes any element of loan guarantee or is it just a striaght cash payment
 
tallpaul said:
Frankly I'm aghast at the antics of the protestors outside Newbridge CU yesterday. If they are so dead set against the transfer to PTSB, the Government should have liquidated it or given savers 10c on the euro. Then they would have had something genuine to moan about.
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It is important to recognise that there are 37,000 members of Newbridge credit union and by the looks of the RTE footage there were less than 37 at the protest and meeting. I am sure there are many members that are grateful for the bail out and would still like access to a credit union.
 
I'm sure there is a bit of profit among that 37,000 members somewhere for them.
 
Is there any way of knowing how individual credit unions are performing or if they are in trouble?
 
ontour said:
It is important to recognise that there are 37,000 members of Newbridge credit union and by the looks of the RTE footage there were less than 37 at the protest and meeting. I am sure there are many members that are grateful for the bail out and would still like access to a credit union.
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Newbridge's population at last census was 21,561. Yet there are apparently 37,000 members in the credit union?

http://en.wikipedia.org/wiki/Newbridge,_County_Kildare
 
STEINER said:
Whats in this for PTSB? Is this a good deal for PTSB or is it a poisoned chalice?
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Did PTSB even have any say in this? They are losing 2.5m a day and are being kept open by the Troika and Dept of Finance so they were hardly in a position to say no.

Could it be a case of putting all the bad eggs in one basket?
 
T McGibney said:
Newbridge's population at last census was 21,561. Yet there are apparently 37,000 members in the credit union?
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It would be a much larger area in the common bond including Newbridge, Allen, Suncroft, Two Mile House, Caragh. ..and every ribbon development in between. Also people that previously lived in Newbridge may still have accounts. Also the census only captures people who are resident in the area, people who work in the area are also eligible to join the credit union
 
Further reports today indicate that an average of €76k was being withdrawn every day from Newbridge CU since 27th July. In 1 week alone from July 27th to August 02nd there was a daily average of €536k leaving the CU.
 
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