Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Irish Financial Services Appeals Tribunal, the appeals tribunal, was established by the Central Bank and Financial Services Authority of Ireland Act 2003.

The appeals tribunal is an independent tribunal which will hear and determine appeals from aggrieved parties against certain decisions of the Central Bank of Ireland. The appeals tribunal aims to provide an accessible, efficient and effective method of appeal in an informal and expeditious manner. Decisions made by the Appeals Tribunal are published on its website www.ifsat.ie.

I understand that the case referred to came before IFSAT on 15 November 2013 and relates to certain matters at Newbridge Credit Union. I am informed by the Registrar of the Appeals Tribunal that its formal written decision is to issue shortly.

With regard to the transfer of the assets and liabilities of Newbridge Credit Union to Permanent TSB, my priority throughout this process has been to protect the savings of depositors and members of Newbridge Credit Union, which is achieved by the transfer. The transfer to Permanent TSB was necessary to safeguard members' savings as the only alternative option available to the Central Bank was liquidation, which would have seen the loss of unprotected savings, including the savings of charities, schools and individuals.

It was in the context of a possible liquidation that the Department of Finance, with the support of the Central Bank, requested that Permanent TSB undertake this transaction. The participation of Permanent TSB has brought stability and certainty to the situation, especially for the members and staff of Newbridge Credit Union, and has provided an alternative to liquidation. This transfer means Newbridge Credit Union members can be assured that their loan and deposit accounts will continue to operate as normal.

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