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Newbridge Credit Union's "Special Manager"
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newbridge cu is to get another 6 months at least of the special manager its starting to look like the fix at ulster bank not a word never ending when are the members going to get back their credit union?Oh dear.....I'm put in mind of Ronald Regan's quote about the worst possible phrase an American citizen could ever hear..."Hi,I'm from the Government and I'm here to help" :eek:
More work for Peter Bacon I expect....:rolleyes:0 -
Have made regular esquires about an AGM at Newbridge credit union and eventually looked to see a member of the " Special managers " staff.Got no satisfaction from this person except to be repeatedly told my savings were safe, which i already know.Myself and my wife have our life savings such as they are in the credit union and have received no dividend for the last two years. I saw on the Sunday paper where we could be making interest of over €300 a year with one of the foreign banks. I have stayed loyal because i am a member since 1972 and because they have made a great contribution to Newbridge and the surrounding areas in terms of cheap loans, sponsorship ect.At this stage my patience are wearing thin and it begs the question What price Loyalty ??0
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Have made regular esquires about an AGM at Newbridge credit union and eventually looked to see a member of the " Special managers " staff.Got no satisfaction from this person except to be repeatedly told my savings were safe, which i already know.Myself and my wife have our life savings such as they are in the credit union and have received no dividend for the last two years. I saw on the Sunday paper where we could be making interest of over €300 a year with one of the foreign banks. I have stayed loyal because i am a member since 1972 and because they have made a great contribution to Newbridge and the surrounding areas in terms of cheap loans, sponsorship ect.At this stage my patience are wearing thin and it begs the question What price Loyalty ??
It is starting to look like a scandal and a very expensive one, but the members need to make their voices heard and demand answers for over the million euro of members money that was spent at the behest of the central bank. Newbridge credit union should be proud of the service it has given to the community. The regulator is now forcing entire boards of credit unions out, refusing to allow cu's to hold their annual general meetings and using the new credit union bill before it is passed. the credit union movement will be destroyed in order to allow the banks to rebuild, its a disgrace0 -
The Regulator is trying to remove 2/3 of the board of my local credit union half of whem are founding members.
The credit union is solvent and has not come in for any special attention/audits/qualifications by auditor or regulator or had some bloodsucking gouger of an accountant foisted on the members at a cost of €1m a year and no reports on what they are doing.0 -
You have to bear in mind that theres huge competition out there for peoples savings.
Credit Unions on the whole do a great job, and assess cases individually.
They dont engage in the type of crazy speculation that banks do. But they do not have anywhere near the lobbying power of the banks. Remember the financial regulator and the central bank aided and abetted banks for years in the messing.
Have always and will always do.
Remember when Seanie Fitz used to be on the radio crying for less regulation for banks, but more for credit unions?
That drive is still there by the banks and they're hell bent on removing our access to local credit unions0 -
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The Newbridge situation doesn't look like its coming to an end. as for the regulator well they are still trying to decide how to regulate Credit Unions at the minute they look on them as banks. But the people on the ground need to make sure that they comply with the changes that are ahead. Directors and supervisors play important roles and people in these areas need to partake in some kind of training to ensure the future of boards in general. It's not enough to just have an interest in the movement anymore you also need to up skill also.
I know they were toying with the idea of merging bad and good Credit Unions together and I believe we will see Credit Unions merging together sooner rather than later.
As for Newbridge I'm sure as a member they can make an appointment to see him and discuss any issues they may have. There won't be an AGM until he or she is gone and who knows when that will be..0 -
I I skilled up with a QFA still sacked the regulator wants the old guard outI wish him luck finding replacements, former banking types dont work for nothing.The Newbridge situation doesn't look like its coming to an end. as for the regulator well they are still trying to decide how to regulate Credit Unions at the minute they look on them as banks. But the people on the ground need to make sure that they comply with the changes that are ahead. Directors and supervisors play important roles and people in these areas need to partake in some kind of training to ensure the future of boards in general. It's not enough to just have an interest in the movement anymore you also need to up skill also.
I know they were toying with the idea of merging bad and good Credit Unions together and I believe we will see Credit Unions merging together sooner rather than later.
As for Newbridge I'm sure as a member they can make an appointment to see him and discuss any issues they may have. There won't be an AGM until he or she is gone and who knows when that will be..0 -
Gotta be real careful here Dude...I could be wrong but my impression of Credit Unions is that they are in the main "managed" by well meaning people with little professional financial management experience or expertise.
The tend to suffer from local rivalries and can be prone to fall under the influence of the alpha type people who want their credit union to be bigger and more impressive than the one in the next parish.
They can also be vulnerable to the "Joxer" loans i.e an couple of guys get the idea of say going to the European Championships...tell the Cr Union that they need the money for a new kitchen and go on the lash for two or three weeks...great fun ha ha ha.
Default on the loan when reality strikes on returning home...not much the credit union can do.
A further peril coming down the tracks is the growing popularity of "selective payment" ie I don't feel like paying that money back so I won't....a practice aided and abetted by nationally elected gobsh1tes in Dail Eireamn telling us what bills to pay and what not to pay....and cheating the State out of millions themselves.
Mark my words pilgrims this trend will grow and grow.....0 -
Hi,
I find your answer more from observation than experience. I have served onthe board of a credit union for over 20 years many would say too long and I amentitled to agree with them. The fact is that credit unions were establishedfor two reasons banks were not interested in Joe soaps just the professions andbusiness and to help people get away from money lenders that plagued localcommunities. I have noticed for the last couple of years you could not open anewspaper without reading something negative about credit unions.
The fact is that credit unions are the only financial institutionssupporting people through the greatest depression in our history for the lastfour years. I do not believe that unskilled people are running credit unionsbecause the main skill is knowing your customer or member "it’s a pity thebanks did not follow that maxim." I find it curious that the credit unionsand their board are under attack from draconian legislation credit unionvolunteers are told that their fitness and probity is in question when every bankerpassed the same test. All this at a time when one billion of taxpayers moneywas put into the pension fund of the employees of AIB, do you imagine that ifthat billion was the shareholders it would go anywhere the pension fund.
I can tell you that many credit union boards have been told to go, employrisk experts, compliance experts and consultants like Earnst & Young formerauditors to Anglo Irish Bank. Credit unions are not going to be allowed toissue debit cards something that you can get from any 02 phone store. I will beleaving the credit union movement and I admit that I am demoralised I amleaving not because of all the regulation which is a good thing but because theethos is going to be destroyed along with the credit union movement with verypowerful vested interests protecting the banks.
Mr.Noonan Said that the credit unions were going to need a billion euro torescue them then it was 500 that now turns out to be a loan 250.
There is a view by the central bank that there will be queuing up to fillvacant director posts in credit unions well I hope so. I am proud of mycontribution and my credit union is very solvent and will be paying a dividendof 3% and a 20% loan interest rebate I hope whoever follows me does better.Thank you and goodbye
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Fulton Crown wrote: »Gotta be real careful here Dude...I could be wrong but my impression of Credit Unions is that they are in the main "managed" by well meaning people with little professional financial management experience or expertise.
The tend to suffer from local rivalries and can be prone to fall under the influence of the alpha type people who want their credit union to be bigger and more impressive than the one in the next parish.
They can also be vulnerable to the "Joxer" loans i.e an couple of guys get the idea of say going to the European Championships...tell the Cr Union that they need the money for a new kitchen and go on the lash for two or three weeks...great fun ha ha ha.
Default on the loan when reality strikes on returning home...not much the credit union can do.
A further peril coming down the tracks is the growing popularity of "selective payment" ie I don't feel like paying that money back so I won't....a practice aided and abetted by nationally elected gobsh1tes in Dail Eireamn telling us what bills to pay and what not to pay....and cheating the State out of millions themselves.
Mark my words pilgrims this trend will grow and grow.....
I think you are wrong, that this is not borne out by the level of defaults, even though we're 4 years into this credit collapse, out of a couple of hundred credit unions. The credit unions lending is dependent on having a track record of saving in the credit union. The interest rate does allow for some level of default, and as whitleydonal mentioned they were founded to work in more austere times than today.
Their biggest worry known of currently is
1) loan repayments greatly exceeding the amount that the regulator allows them to lend out, which results in a cash pile that they have no option but to place in a bank account. This is a risk, not an asset.
2) the government yet again putting the banks interests above all else, and making the credit unions take a 100% hit before the banks take any hit at all under the new insolvency legislation.
3) credit union directors being not only term restricted, but also all new applicants having to be approved by the regulator. A rejection by the regulator, who does not have to provide a reason could result in disqualification or black mark from some company paid directorships. Combined with the grief that all the bank style directives now demand on the directors you'd have to be a masochist to agree. whitleydonal might be in breach of the new regulations just for the innocuous comments here ffs.0 -
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Hi,
The bankers in situ threatned legal action over fitness and probity tests under the bank resolution bill, the same bill that will be used to approve credit union directors. Under new legislation only the Financial regulator may appoint credit union directors which means that only members appointed by the regulator will be allowed go forward for election by the members. The members of the credit union who own the business will lose a major say in who is elected to represent them. please dont forget that bank directors are very well rewarded and are so called experts who have wrecked the country.
let me be frank credit unions are a major pain in the arse for banks.
Do you not find it curious that with the banks in trouble credit unions become a major headache with their spiral downwards help by regulation, supervision,
compliance and restructuring. I do not think there will be a rush to fill vacant positions on credit union boards because the work is unpaid, you have to waive your data protection rights in respect of your revenue records and you are held jointly and severally liable for your actions. I mean to say you dont mind helping your fellow man out but there is a limit. Remember this policy will drive credit unions out of business or they will go the way of building societies mutual until greed gets them0 -
Fulton Crown wrote: »Gotta be real careful here Dude...I could be wrong but my impression of Credit Unions is that they are in the main "managed" by well meaning people with little professional financial management experience or expertise.
The tend to suffer from local rivalries and can be prone to fall under the influence of the alpha type people who want their credit union to be bigger and more impressive than the one in the next parish.
They can also be vulnerable to the "Joxer" loans i.e an couple of guys get the idea of say going to the European Championships...tell the Cr Union that they need the money for a new kitchen and go on the lash for two or three weeks...great fun ha ha ha.
Default on the loan when reality strikes on returning home...not much the credit union can do.
A further peril coming down the tracks is the growing popularity of "selective payment" ie I don't feel like paying that money back so I won't....a practice aided and abetted by nationally elected gobsh1tes in Dail Eireamn telling us what bills to pay and what not to pay....and cheating the State out of millions themselves.
Mark my words pilgrims this trend will grow and grow.....
There is always the risk of a member not paying as per their Promissory Note,
Credit Agreement , but their debt never goes away.........its on file until it is paid.........of course Credit Unions may follow the member for payment and there are several methods to do this , usually ending with the legals in some cases........ most members dont want to ruin their good name and reputation with their credit union, as they get too much use and benefit from using their credit union properly.....but its always a risk and one as you say in these times would be expected to grow to some extent.......0 -
....most members dont want to ruin their good name and reputation with their credit union, as they get too much use and benefit from using their credit union properly
Agree my friend but non payment these days is beginning to get more respectable !
Look at Quinn...owes millions yet people support him not only in not paying it back but also in trying to cheat the taxpayer in squiriling assets for his family in direct contempt of court orders.
Look at Wallace telling people not to pay a lawful tax.....and cheating the ordinary tax payer of millions.
Look at Callelly / and all the various directors all trying tevery means in the book to avoid paying lawful debts.
This attitude will filter down pilgrim.......mark my words...0 -
whitleydonal wrote: »Hi,
The bankers in situ threatned legal action over fitness and probity tests under the bank resolution bill, the same bill that will be used to approve credit union directors. Under new legislation only the Financial regulator may appoint credit union directors which means that only members appointed by the regulator will be allowed go forward for election by the members. The members of the credit union who own the business will lose a major say in who is elected to represent them. please dont forget that bank directors are very well rewarded and are so called experts who have wrecked the country.
let me be frank credit unions are a major pain in the arse for banks.
Do you not find it curious that with the banks in trouble credit unions become a major headache with their spiral downwards help by regulation, supervision,
compliance and restructuring. I do not think there will be a rush to fill vacant positions on credit union boards because the work is unpaid, you have to waive your data protection rights in respect of your revenue records and you are held jointly and severally liable for your actions. I mean to say you dont mind helping your fellow man out but there is a limit. Remember this policy will drive credit unions out of business or they will go the way of building societies mutual until greed gets them
Newbridge credit union put itself on the radar of the regulator soon after admitting in the last AGM that was held that they gave money to a development in the town and failed to follow their own rules on credit availability being totally dependant on the funds held by the person in the credit union and fully secured against depletion of these funds. Capella developments on Langton Cross was the very first development sold by NAMA and this was the start of the spiral down.
No answer was given by anyone sitting on the top table despite repeated questions from 3 individuals as to the reasons for this or if any board director was involved in this developement as an investment. I came away from that night convinced there was more hiding under a rock. I had hoped the regulator appointed was going to highlight this but alas he has just soaked up members funds with his ridiculous charges and still no AGM.
It was not run correctly in respect of protecting members funds for the last few years of the boom and is not running correctly at the moment as we cannot see what is happening and nobody is held to account. Until we see full accounts drawn up then the conclusion must be "that the CU put a very big hole in members funds".0 -
Newbridge credit union put itself on the radar of the regulator soon after admitting in the last AGM that was held that they gave money to a development in the town and failed to follow their own rules on credit availability being totally dependant on the funds held by the person in the credit union and fully secured against depletion of these funds. Capella developments on Langton Cross was the very first development sold by NAMA and this was the start of the spiral down.
No answer was given by anyone sitting on the top table despite repeated questions from 3 individuals as to the reasons for this or if any board director was involved in this developement as an investment. I came away from that night convinced there was more hiding under a rock. I had hoped the regulator appointed was going to highlight this but alas he has just soaked up members funds with his ridiculous charges and still no AGM.
It was not run correctly in respect of protecting members funds for the last few years of the boom and is not running correctly at the moment as we cannot see what is happening and nobody is held to account. Until we see full accounts drawn up then the conclusion must be "that the CU put a very big hole in members funds".
You could very well be right my friend.. definitely something of a "smell" from this one...can't understand why the members and shareholders do not put on more pressure for answers ?0 -
Newbridge credit union put itself on the radar of the regulator soon after admitting in the last AGM that was held that they gave money to a development in the town and failed to follow their own rules on credit availability being totally dependant on the funds held by the person in the credit union and fully secured against depletion of these funds. Capella developments on Langton Cross was the very first development sold by NAMA and this was the start of the spiral down.
No answer was given by anyone sitting on the top table despite repeated questions from 3 individuals as to the reasons for this or if any board director was involved in this developement as an investment. I came away from that night convinced there was more hiding under a rock. I had hoped the regulator appointed was going to highlight this but alas he has just soaked up members funds with his ridiculous charges and still no AGM.
It was not run correctly in respect of protecting members funds for the last few years of the boom and is not running correctly at the moment as we cannot see what is happening and nobody is held to account. Until we see full accounts drawn up then the conclusion must be "that the CU put a very big hole in members funds".
I am shocked that the above post was allowed by boards.ie,, there is absolutely no factual evidence of such loose and dangerous statements. I am getting quiet bored listening to all of this rubbish. I was at the same AGM and it certainly was not mentioned that funds were given to that development or developer it categorically stated that a loan of a million was paid out. That was all that was said and that is PURE fact!!!! No director was asked about being involved in the development, not once! I have checked this statement with others and no one heard that ever being asked on the night, it was hardly a night you would forget - sure minutes taken on the night that are read out each year will back this up!
I'm pretty sure it cost more than a million to build such a development. And if you look at annual reports of most cu's not one of them would have been in any position to pay out a loan of MILLIONS to any person nor would any credit union be totally reliant on funds of one person this isn't Anglo it's a community credit union - seriously! these are beyond ridiculous and unfounded silly remarks.
I know someone well who knows that developer personally and when he heard that rumour before he said it was utter rubbish as he was not even a member and he said he was fully funded by one of the main banks not a cu. You have absolutely no grounds or proof to say that "that they gave money to a development in the town and failed to follow their own rules on credit availability being totally dependant on the funds held by the person in the credit union and fully secured against depletion of these funds" - you haven't a shred of evidence of this!! There's no point writing about this if you can't provide proof then it's just idle gossip!!!
I went in and I was told quiet clearly that all members funds are protected and no member has lost any funds!
It makes more sense to go in and ask such questions than to draw your own conclusions from information without evidence . It's tiring to keep listening to the same non factual information over and over . Do like the rest of us - wait it out and get the real facts and evidence before creating scenarios that have no foundation. The bandwagon is full of people with very short memories and little to do. Turning your back isn't always the solution. You need the facts .
What's getting lost in all of this is that only the special manager is benefitting from this - not us and not our credit union maybe is time someone looked a little deeper into central banks affairs and stopped trying to cash in on our credit unions. I agree with those on the board talking sense - we as members are too quiet -we should be helping our credit union to take back control from greedy bankers and Ernst and young lining their pockets with what should have been our dividends!!!0 -
aplusbequalsd wrote: »I am shocked that the above post was allowed by boards.ie,, there is absolutely no factual evidence of such loose and dangerous statements. I am getting quiet bored listening to all of this rubbish. I was at the same AGM and it certainly was not mentioned that funds were given to that development or developer it categorically stated that a loan of a million was paid out. That was all that was said and that is PURE fact!!!! No director was asked about being involved in the development, not once! I have checked this statement with others and no one heard that ever being asked on the night, it was hardly a night you would forget - sure minutes taken on the night that are read out each year will back this up!
I'm pretty sure it cost more than a million to build such a development. And if you look at annual reports of most cu's not one of them would have been in any position to pay out a loan of MILLIONS to any person nor would any credit union be totally reliant on funds of one person this isn't Anglo it's a community credit union - seriously! these are beyond ridiculous and unfounded silly remarks.
I know someone well who knows that developer personally and when he heard that rumour before he said it was utter rubbish as he was not even a member and he said he was fully funded by one of the main banks not a cu. You have absolutely no grounds or proof to say that "that they gave money to a development in the town and failed to follow their own rules on credit availability being totally dependant on the funds held by the person in the credit union and fully secured against depletion of these funds" - you haven't a shred of evidence of this!! There's no point writing about this if you can't provide proof then it's just idle gossip!!!
I went in and I was told quiet clearly that all members funds are protected and no member has lost any funds!
It makes more sense to go in and ask such questions than to draw your own conclusions from information without evidence . It's tiring to keep listening to the same non factual information over and over . Do like the rest of us - wait it out and get the real facts and evidence before creating scenarios that have no foundation. The bandwagon is full of people with very short memories and little to do. Turning your back isn't always the solution. You need the facts .
What's getting lost in all of this is that only the special manager is benefitting from this - not us and not our credit union maybe is time someone looked a little deeper into central banks affairs and stopped trying to cash in on our credit unions. I agree with those on the board talking sense - we as members are too quiet -we should be helping our credit union to take back control from greedy bankers and Ernst and young lining their pockets with what should have been our dividends!!!
I asked that question when I got the mike. As did the woman solictor to the right of the top table. It was stated that money was given to a developer (yes a developer) and that money is not recoverable. No the development was not mentioned but it since the CU gave no answer, and then within a few weeks NAMA turned up, the town put 2 and 2 together. I still have the booklet from that night with notes on the location of money belonging to members. All in investments but apparently not in bonds. No answer still as to the current situation. I asked directly about involvement of board in this and got no answer. I asked if a board member got this loan. This info was confidential. This was followed up by the woman asking very direct questions concerning the procedures followed.
Have you the full minutes of that meeting. I would like a copy please.
Still no dividend payment and still the high court keeps and regulator in place. How much trouble is the CU in ? Your response is nothing but the guff you hear in Kerry about the big man in Dublin picking on us.
I stand over my statement and I hope boards has the balls to allow a discussion that has not happened in Newbridge.0 -
Excellent post Dude..quite a few good clean headshots there !
Surely as a Cr.Union Shareholder you are entitled to see the minutes of the meeting.
And get answers as to why this thing is dragging on so long.....0 -
I asked that question when I got the mike. As did the woman solictor to the right of the top table. It was stated that money was given to a developer (yes a developer) and that money is not recoverable. No the development was not mentioned but it since the CU gave no answer, and then within a few weeks NAMA turned up, the town put 2 and 2 together. I still have the booklet from that night with notes on the location of money belonging to members. All in investments but apparently not in bonds. No answer still as to the current situation. I asked directly about involvement of board in this and got no answer. I asked if a board member got this loan. This info was confidential. This was followed up by the woman asking very direct questions concerning the procedures followed.
Have you the full minutes of that meeting. I would like a copy please.
Still no dividend payment and still the high court keeps and regulator in place. How much trouble is the CU in ? Your response is nothing but the guff you hear in Kerry about the big man in Dublin picking on us.
I stand over my statement and I hope boards has the balls to allow a discussion that has not happened in Newbridge.
To begin with again you got it wrong - the woman was not a solicitor she was an from an accounting firm in naas!
Secondly it absolutely did not state it was to a developer - the question was asked but the person at the podium did not answer as you know that would be a breach of confidentiality ! But instead "conclusions " we're made instead! " Oh it must be because he didnt answer" (eh confidentiality!) besides the questions you asked about directors being involved being rubbish - its clear they couldnt answer as again they are bound by confidentiality. that in no way shape or form means it is a yes in your mind. So just because Nama turn up you decide it must be the cu - that's possibly the lamest excuse for 2 and 2 is 59!!!! The development was bank funded - fact!!! I look forward greatly to the minutes just so it's shown how stupid these conclusions are. My response is fact - yours is based on concocted 2+2=59 conclusions'!
The regulator is now involved in ALL cu's at the moment as a result of all the changes, Newbridge is the first to get a special manager and not the last, he is already in two others - not just because Nama decide to pop into Newbridge.
I can't fathom why you think any cu can pay a dividend in this climate so you believe they are immune from recession !!! How do you think a dividend is paid - it's made from the interest that people pay off loans ( they showed this in the slide show at last agm) the ordinary everyday person is in arrears due to the economy therefore the knock on effect is less income because people can't pay like they used to, therefore dividends are affected - common sense!!!
You still have no evidence or proof to back up your "conclusions"0 -
aplusbequalsd wrote: »You still have no evidence or proof to back up your "conclusions"
and you have yet to offer any proof of your "facts" either, merely disputing what Damien360 has stated, without support.
Do you hold a position in the above CU in any capacity?0 -
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Cookie_Monster wrote: »
and you have yet to offer any proof of your "facts" either, merely disputing what Damien360 has stated, without support.
Do you hold a position in the above CU in any capacity?
I have stated above that I will form an opinion when i hear the actual facts rather than concocting ridiculous conclusions!!
Oh yeah same old rubbish question you see here all the time -ask does the person work there just because they haven't jumped on the local bandwagon , typical! Putting 2 and 2 together (and not making 4!) has helped form the opinion - because Nama are in the town it must have been the credit union not the fact that the builder has defaulted with the BANK - it's not like that ever happened before ??? Heaven forbid. I have heard so much local gossip in relation to this but the statement made saying one person has brought down the cu because they are totally dependent on his funds/security is the without doubt the most ridiculous one yet.
You shouldn't put down the fact that some people dont jump on bandwagons , they take a step back and look at things logically - rather than forming conclusions without any actual sense behind them.
Is it not better to wait it out and find out the facts when they are given, it can't go on for much longer surely. It's better to hold on, get facts and then form your opinion instead of shooting it down before it gets a chance to explain.0 -
aplusbequalsd wrote: »I have stated above that I will form an opinion when i hear the actual facts rather than concocting ridiculous conclusions!!
Oh yeah same old rubbish question you see here all the time -ask does the person work there just because they haven't jumped on the local bandwagon , typical! Putting 2 and 2 together (and not making 4!) has helped form the opinion - because Nama are in the town it must have been the credit union not the fact that the builder has defaulted with the BANK - it's not like that ever happened before ??? Heaven forbid. I have heard so much local gossip in relation to this but the statement made saying one person has brought down the cu because they are totally dependent on his funds/security is the without doubt the most ridiculous one yet.
You shouldn't put down the fact that some people dont jump on bandwagons , they take a step back and look at things logically - rather than forming conclusions without any actual sense behind them.
Is it not better to wait it out and find out the facts when they are given, it can't go on for much longer surely. It's better to hold on, get facts and then form your opinion instead of shooting it down before it gets a chance to explain.
so not only did you not answer the question but go off on some random tirade you also seem to have forgotten you stated a few items as fact which directly contradict Damien360's statementsThe development was bank funded - fact!!!
so third hand "i know a guy"I know someone well who knows that developer personally and when he heard that rumour before he said it was utter rubbish as he was not even a member and he said he was fully funded by one of the main banks not a cu.
but Damien360 stated he asked this are you saying he's lying?No director was asked about being involved in the development, not once!0 -
Hi,
All that you write confirms my opinion that answers are needed from thisspecial manager from earnst & Young former anglo irish auditors, I hope after spending a million euro'sof the member’s money that answers will be provided. I strongly suspect thatthe members will be given commercially sensitive, Central Bank secrecy,confidential, in short a cover up. I do admire the board of Directors forstaying around and I suspect they are waiting for the process to come to an endto clear their names. What leaves me very angry is the fact that the membersown the credit union and the members deserve answers. There is nothing to stopNewbridge credit union from holding its annual general meeting or at least theannual accounts to see how what the own performing. The particular piece oflegislation used here was never intended to be used against credit unions. Ihave recently dealt with people from the regulators office that seems to think it’stheir job to treat volunteer Directors of credit unions with contempt.
The credit union Registrar is enforcing the new credit union bill on creditunions even before it is law. He is forcing credit unionsto employ risk managers, tell directors to step down, cutting dividendpayments, refusing credit unions permission to hold their AGM and tellingcredit unions that they are not allowed to mention his name for any of this.The big point of all of this is that he is not prepared to but any of this inwriting to the credit union affected, but there was in our case some seriousbullying indulged in. I agree with regulation but it must be conducted in anopen and transparent equal manner. There is not a hope in hell that he would dothis to the banks because they would be up the steps of the courts.
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aplusbequalsd wrote: »
The regulator is now involved in ALL cu's at the moment as a result of all the changes, Newbridge is the first to get a special manager and not the last, he is already in two others - not just because Nama decide to pop into Newbridge.
The regulator is not involved in all CUs at the moment. The regulator regulates, Newbridge is the only CU where the regulator used the powers given to him through Credit Institutions (Resolution) Bill 2011.
Who are the two other credit unions? I am not aware of the regulator going to the high court seeking to appoint a special manager to more credit unions.
[Quote=aplusbequalsd;
I can't fathom why you think any cu can pay a dividend in this climate so you believe they are immune from recession[/Quote]
The fact that 280 credit unions out of 400 paid a dividend in 2011 would bring one to the conclusion that a credit union can pay a dividend.
In fact as you point out, we are in a severe recession and 70% of cu's have managed to pay a dividend which shows (a) the majority of CUs stuck to there core principles and are well run, and (b) the regulator is not a big bad wolf that everyone should be afraid of.0 -
whitleydonal wrote: »The credit union Registrar is enforcing the new credit union bill on credit unions even before it is law. He is forcing credit unions to employ risk managers, tell directors to step down, cutting dividend payments, refusing credit unions permission to hold their AGM and telling credit unions that they are not allowed to mention his name for any of this.
do you not see the first three points as good ideas though, or course there should be someone there to manage risk and directors should be changed frequently (5 years or so). cutting div payments is also very sensible if the CU is not in a position to sustain them for a year or couple of years current or to simply build up funds in anticipation of potential mass default.
On the other two how can he refuse permission for an AGM given that they are required by law and notice of such is also required by law and why would he not allow his name mentioned (not that it should be, the position should be)0 -
I think people need to understand that the Central Bank/Financial Regulator's position is that they want 100 or so Credit Unions in Ireland. And any decision that the Regulator makes should be viewed with that in mind.0
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I think people need to understand that the Central Bank/Financial Regulator's position is that they want 100 or so Credit Unions in Ireland. And any decision that the Regulator makes should be viewed with that in mind.
This makes very good sense...no need for mickey mouse operations at every cross roads.
It makes for fractured financial management not to mention the security risk.0 -
Fulton Crown wrote: »This makes very good sense...no need for mickey mouse operations at every cross roads.
It makes for fractured financial management not to mention the security risk.
Most of the "Mickey Mouse" operations are the ones paying the dividends. Its the larger Credit Unions that have the biggest issues. Also, the closure of "Mickey Mouse" operations is going to remove yet another financial service to communities.
Your 2nd line makes zero sense. Can you explain?0 -
Most of the "Mickey Mouse" operations are the ones paying the dividends. Its the larger Credit Unions that have the biggest issues. Also, the closure of "Mickey Mouse" operations is going to remove yet another financial service to communities.
Your 2nd line makes zero sense. Can you explain?
Well then fix the larger Credit Unions !
Why are they having difficulties ?
I would guess this stems from overreaching themselves and not having good professional management and controls in place.
I have been i some of the larger Cr.Union Buildings and to say they are palatial is an understatement...the very best of everything.
I would contend that having a myriad of smaller cr.union offices run by financial amateurs around the country increases the difficulty of regulation and adherence to agreed governance standards.
Not to mention the increased risk of robbery and fraud by external and internal sources respectively.
I would add that I think properly run and transparently managed Cr.Unions are an excellent concept and should be encouraged.0 -
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Fulton Crown wrote: »I would contend that having a myriad of smaller cr.union offices run by financial amateurs around the country increases the difficulty of regulation and adherence to agreed governance standards.
Not to mention the increased risk of robbery and fraud by external and internal sources respectively.
I would add that I think properly run and transparently managed Cr.Unions are an excellent concept and should be encouraged.
So irregardless of how well they are run, you want them closed based on asset size? The difficulty in regulation is only down to lack of staff in Dame Street.
The other risks are there no matter what the size of the Credit Union. Internal controls and managing the risk associated with any cash business is the way to minimise fraud. Closure of a well run/profitable business is a pretty extreme method of risk control, dont you think?0
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