Written answers

Tuesday, 31 March 2015

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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254. To ask the Minister for Finance the reason previous members of a credit union (details supplied) have had their death benefit insurance cancelled, despite a commitment that their existing conditions were to be respected by Permanent tsb; and if he will make a statement on the matter. [12693/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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On 10 November 2013, following an application by the Central Bank of Ireland the High Court approved the transfer of Newbridge Credit Union to Permanent TSB. The ownership and management of the assets and liabilities of the credit union, with the exception of the premises, transferred from Newbridge Credit Union Limited to Permanent TSB under the High Court order dated 10 November 2013. All questions regarding those assets and liabilities as well as queries in relation to ongoing customer products and services, can and should be addressed to Permanent TSB in the first instance.

I have been informed by the Central Bank that Permanent TSB wrote to the former members of Newbridge Credit Union in December 2014 to state its intention to fully integrate the business of the credit union into the local branch of Permanent TSB. This correspondence included details of Permanent TSB's approach for life insurance on deposits and loan protection insurance, which was a commercial decision taken by Permanent TSB.

To ensure that credit union services are available to people in the Newbridge area, the Central Bank approved in February 2015 the extension of the common bond of Naas Credit Union to incorporate a number of other areas including Newbridge.

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