Bus Loads of concerned members of Newbridge Credit Union and their families attended a public rally today outside the Central Bank to protest against the forced merger of their Credit Union with the Naas Credit Union. The Newbridge Credit Union Action Group and Task Force called today’s protest to highlight the nature of secrecy and behind the scenes manoeuvring to arrange a merger without the consent or consultation with the members of Newbridge Credit Union.
The information regarding the merger came to the attention of the CU members when it was published in a Sunday Newspaper last week. A letter, written by an ex-director to her friends, came into the possession of a local activist who posted it on Face Book. The letter explained that the directors of the Credit Union had been under a gagging order for the past two years. The Central Bank and Regulators office had tried to keep the merger under the carpet until it was too late for anyone to object.
The Campaign group have organised a number of well attended public meetings and rallies and are currently seeking legal advice to stop the merger and the sale of their Credit Union building.
This is part of a wider attack on Credit Unions who have historically played a vital role in giving access to credit to working class families. The new rules imposed on Credit Unions, to basically act more like the banks, will inevitably force working class families back to the money lenders and compound the problems of poverty and debt in our communities.