Central Bank Played Role In Newbridge Default, Says Credit Union

ValueWalk reported in November on the closure of Newbridge Credit Union, the Irish institution wound up on the orders of the Central Bank over bad debt concerns. The NCU’s savings and loans were transferred to Permanent TSB Group (OTCMKTS:ILPMY) in November at a cost of €54 million to taxpayers.

Now, affidavits made available to the public when the Central Bank sought the release of court documents related to the case, show that the management team at NCU believe that the Central Bank played a key role in the collapse.

Fingers pointed at the Central Bank

Specifically,...