The Chief Execuitve of of Permenent TSB (PSTB) has promised to bring certainty to Newbridge Credit Unio and has pledged to look after depositors and to lend to credit worthy borrowers.

The High Court last night approved a takeover by Permanent TSB at a cost of €54 million to the taxpayer.

The CEO of Permenent TSB Jeremy Masding is assuring members and staff that business will continue as normal.

The Newbridge Credit Union Action Group says the takeover is part of a government policy to move deposits from Credit Unions into State-supported banks. It says it is considering legal action over the takeover.

However Newstalk's Business Editor Ian Guider told Lunchtime that an option of legal option will not be open to them.

The Tánaiste meanwhile says he hopes there can be a credit union established again in Newbridge in the future. Members are being advised today that it is business as usual at the branch.

Eamon Gilmore says the coalition is fully committed to ensuring there is a strong credit union service alongside the banks.

Newbridge Credit Union Action Group have denied that large loans granted by them were the cause of their financial ruin.

The Chairman has also claimed the takeover of the Credit Union has been in the sights of the Central Bank for some time.

In 2012 a special manager was appointed to Newbridge Credit Union as a result of serious financial difficulties with borrowers unable to pay back large loans.

Protestors have gathered at the branch following the takeover

The troubled financial institution had a special manager appointed in 2012 after it ran into serious financial difficulties.

Members have withdrawn up to €20 million in savings recently, while remaining members are being assured that all deposits are protected.

Willie Crowley is Chairman of the Newbridge Action Group. He told The Pat Kenny Show here on Newstalk earlier that the credit unions finances were not mismanaged.