Newbridge Credit Union transferred to Permanent TSB

The High Court has approved the transfer of the loans and savings of Newbridge Credit Union to State-rescued bank, Permanent TSB. It is the first time a bank has taken control of the assets of a credit union. In a late-night sitting, the High Court granted the controversial application to the regulator despite fierce opposition from members of the Kildare lender. The Central Bank stressed that members’ money is safe. Savings in credit unions are state-guaranteed up to €100,000, it said.