Pearse Doherty (Donegal South West, Sinn Fein)
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234. To ask the Minister for Finance his plans to facilitate a return of credit union services to the people of Newbridge, County Kildare; his plans to use part of the building for these services. [2298/15]

Michael Noonan (Limerick City, Fine Gael)
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While the Government is absolutely determined to support a strengthened and growing credit union movement and has highlighted its support for the return of credit union services to Newbridge, my role as Minister for Finance is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. In line with the Credit Union Act, 1997 (as amended) the registration of a new credit union and the extension of a common bond of an existing credit union is the responsibility of the Registry of Credit Unions at the Central Bank.

I have been informed by the Central Bank that as previously confirmed it is open to meeting any party interested in restoring credit union services to the Newbridge area. The Central Bank has received a proposal from a credit union to extend an existing common bond and they are currently considering this proposal. The Central Bank has further informed me that, to date they have not received any formal proposals from any local group in relation to the establishment of a new credit union, but have stated that they will consider any proposal received.  

Separately, Mr Jim Luby of McStay Luby was appointed as liquidator of Newbridge Credit Union Limited (in liquidation) by the High Court on 16 December 2013, and this liquidation process is on-going. The liquidator has now signed contracts with the Office of Public Works to purchase NCU's former premises, with the sale expected to complete in Q1 2015.

In accordance with Section 46(6) of the Central Bank and Credit Institutions (Resolution) Act 2011, the sale proceeds generated (net of expenses) will be paid by NCU into the Credit Institutions Resolution Fund in due course. Under that Act, the Credit Institutions Resolution Fund is the principal creditor of NCU in the amount of the financial incentive paid or payable to permanent tsb.