STATEMENT BY THE IRISH LEAGUE OF CREDIT UNIONS

While Newbridge Credit Union Limited (NCU) is not one of the 391 credit unions in the Republic of Ireland which are represented by the Irish League of Credit Unions (ILCU), the ILCU would wish to make the following statement at this time:

- ILCU notes today's statements by both the Department of Finance and the Central Bank of Ireland that today's action is necessary in the interests of the members of  Newbridge Credit Union.

- The deliberations of the Governmental Commission on Credit Unions continue towards agreeing a comprehensive strategy around a restructuring of the credit union movement in the Republic of Ireland. The Commission will report to the Minister in March 2012.

Note for Editors

-  The 391 credit unions which are represented by the ILCU have the added protection of its Savings Protection Scheme which may provide stabilisation support to those member credit unions in circumstances where such stabilisation support may be necessary.