Clare Daly (Dublin North, Socialist Party) | Oireachtas source

A Newbridge resident took a case to the Irish Financial Services Appeals Tribunal, IFSAT, in regard to the making of a special management order under section 58 of the Central Bank and Credit Institutions (Resolution) Act 2011. The appointment of the special manager has caused considerable disquiet among the members of Newbridge Credit Union. Millions of euro have been spent on the manager and the assessors who were brought in to investigate the books. The aforementioned resident went to the tribunal well in advance of the High Court decision and was told that the tribunal would be convened expeditiously to examine the matter. However, given that it has not yet issued its findings, the horse has well and truly bolted. Does this not make a mockery of the structures? There is not really an appeals tribunal or any other body that can demand accountability for the behaviour of our financial institutions. Should the Minister not be changing that arrangement? He spoke about securing the safety of the savers in Newbridge Credit Union but if he was prepared to invest €53 million in allowing a bank to take over the credit union, why could he not have invested the money in the credit union, given the implications for other credit unions in the months and years to come?

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