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Credit Union boss appointed by Court

THE High Court has extended an order under which a special manager was appointed to a Kildare credit union last January.

The extension was granted to the Central Bank by the President of the High Court Mr Justice Nicholas Kearns who was also informed that reports complied by the manager contain no allegations of any wrong doing by the directors of Newbridge Credit Union (NCU).

The manager was appointed after the court was told draft financial statements for last year indicated NCU did not hold the reserves required under the Credit Union Act and there was uncertainty about its true financial position.