Martin Heydon (Kildare South, Fine Gael) | Oireachtas source

I thank the Minister for taking this Topical Issue matter. Under the legislation, the role of the special manager at Newbridge credit union was envisaged as one that would be conducted in an expeditious fashion, for no longer than six months, and at the least possible cost to the State. After 21 months in the role, Mr. Luke Charleton's tenure can be said to have been a failure on all these fronts. The lack of clear and concise information during this time has caused huge confusion among members. People have a great many questions and it is incumbent on the Central Bank to answer them. For example, if the situation is as bad as the bank has indicated, how was it allowed to get to that point? What types of loans were given out and who were the recipients? Where is the money that has been lost? It must be somewhere. When did the Regulator and the Central Bank first become aware of the non-traditional lending to which they referred? Did they act straight away when they made the discovery and, if not, why did they not do so? If immediate action was not taken, there is a significant impact in terms of the credibility of those institutions putting forward solutions.

Any solutions that are considered must be in the best interests of the members of Newbridge credit union and the taxpayer. Why are the alternatives of merger and liquidation the only options being put on the table? If tens of millions of euro in taxpayers' money will be needed, as the Central Bank has suggested, why can it not be put directly into Newbridge credit union as part of a stand-alone resolution? Members do not understand why that cannot be done. Their loyalty to the facility has seen many of them retain their savings in shares without any dividend for the past three years, without any expectation of such in the short term and in the absence of any information as to what the outcome of the resolution process might be.

I do not expect the Minister to be in a position to answer all of these questions today. However, the Central Bank must provide the answers as soon as possible. It is the least people in Newbridge deserve.

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