Pearse Doherty (Donegal South West, Sinn Fein)
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195. To ask the Minister for Finance the legal status of Newbridge Credit Union; and the legal status of the accounts held at the credit union. [12854/14]

Pearse Doherty (Donegal South West, Sinn Fein)
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196. To ask the Minister for Finance the person who is the owner of the Newbridge Credit Union building. [12855/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 195 and 196 together.

Pursuant to a High Court order dated 10 November 2013 all assets and liabilities of Newbridge Credit Union Limited (excluding the premises) were transferred to Permanent TSB. At transfer, all savings accounts held in Newbridge Credit Union Limited became deposit accounts with Permanent TSB under section 49(5)(b) of the Central Bank and Credit Institutions (Resolution) Act 2011.

The legal entity Newbridge Credit Union Limited was placed in liquidation following an order of the High Court granted on 16 December 2013. The Newbridge Credit Union building remains in the ownership of the legal entity Newbridge Credit Union Limited.  The liquidation process is ongoing.

The Resolution Fund is the principal creditor of Newbridge Credit Union Limited. Any proceeds realised from the sale of the building (net of disposal costs) will be remitted to the Resolution Fund in accordance with the Central Bank and Credit Institutions (Resolution) Act 2011.