Statement 11th November 2013

C.U.M.A., the professional Credit Union Managers’ Association, regrets the discontinuance of credit union services in Newbridge. It is a sad day when 34,000 credit union members find themselves without credit union services for the first time since 1968.

The difficulties experienced in Newbridge Credit Union are exceptional and are not representative of the vast majority of credit unions successfully operating throughout the country and continuing to provide much needed services.

The majority of credit unions are exceptionally well reserved and comply with maximum loan and savings regulatory requirements.

Despite the economic recession and the lack of access to credit by the States banks for ordinary people credit unions have throughout supported their members with relevant services. Credit unions will continue as they have done for the past 50 years to provide a viable alternative in financial services in a co-operative member focussed safe and secure manner.

Very many credit unions will report to their members over the next few weeks and months and will show excellent reserves, strong provisions and enhanced dividends for members. The vast majority of credit unions hold realised reserves that are far stronger than the recapitalised banks.