Written Answers - Credit Unions

Wednesday, 21 March 2012

Dáil Éireann Debate
Vol. 760 No. 1

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  69.  Deputy Patrick Nulty  Information on Patrick Nulty  Zoom on Patrick Nulty   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   if he will supply the numbers of the various staff and their titles and positions with a company (details supplied) and their weekly billable hours, who are engaged as part of the special manager process at Newbridge Credit Union, as appointed by the High Court on foot of an application from the Central Bank; if he will confirm that a person (details supplied) of this company heads up a team from this accountancy practice acting as special manager; if his attention has been drawn to the fact that last week the High Court revised downwards the hourly rates as follows for the special manager and his team: namely: €375 for the Special Manager; €375 for partners; €300 for directors; €247 for senior managers; €191 for managers; €133 for senior assistants; if he will supply the daily and the weekly cost of the appointment of this company as special manager to Newbridge Credit Union; if he will indicate the length of time he thinks the special manager will be in place at the credit union; and if he will make a statement on the matter. [15365/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  I can confirm that Mr. Luke Charleton of Ernst and Young was appointed as Special Manager of Newbridge Credit Union by the High Court on 13 January 2012. The High Court reduced the hourly rate of fees payable to the Special Manager to €375 on 10th February 2012. The fees payable to his team were reduced on a pro-rata basis. The number of people working with the Special Manager will vary according to the work being undertaken.

The total fees to be paid to the Special Manager and his team will be subject to approval by the Court upon request by the Special Manager. The request would typically include sufficient information for the Court to determine if the fees are reasonable, and might include a work schedule, indicating tasks performed, hours worked, and staff levels. As this request has not been made to the Court at this point, the information requested by the Deputy is not finalised.

The Special Management Order provides for an appointment of 6 months duration. Any change to the Special Management Order and matters outlined above require a further application to the Court.

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