Dáil Éireann Debate, Thursday - 14 November 2013
46. Deputy Michael McGrath asked the Minister for Finance the amount of fees charged to date by the special manager of Newbridge Credit Union since his appointment; the person who pays the bill; and if he will make a statement on the matter. [48719/13]
View answerI have been informed by the Central Bank that from 13 January 2012 to 26 April 2013 a total of €1,252,142 was approved for payment to the Special Manager by the High Court. The Special Manager rates were reduced after one month from €423 to €375 with the approval of the High Court. This included a corresponding fee reduction for staff working for the Special Manager. The fees concerned were paid by Newbridge Credit Union Limited. I have also been informed that the Special Manager has not been paid any fees since 26 April 2013. As part of the transfer order to PTSB, approved by the High Court on 10 November 2013, a further accrual for Special Manager fees from 27 April 2013 to 10 November 2013 of €537,000 formed part of the liabilities transferred to PTSB. The financial incentive paid to PTSB as part of the transfer reflects this amount. However, fees to be paid to the Special Manager during that period have not been agreed at this point. In that regard, the fees payable cannot be greater than €537,000.
