Michael McGrath
Question:136. Deputy Michael McGrath asked the Minister for Finance the amount of fees charged to date by the special managers appointed to credit unions; and if he will make a statement on the matter. [49309/14]
View answerThursday, 18 December 2014
Questions (136)
Written answers
I have been informed by the Central Bank that the only Special Manager appointment to a credit union to date was the appointment of Luke Charlton of Ernst & Young to act as Special Manager for Newbridge Credit Union Limited.
From 13 January 2012 to 26 April 2013 a total of €1,252,142 in Special Manager fees was approved by the High Court. At an early point the hourly rate of fee payable to the Special Manager was reduced from €423 to €375, following an application by the Central Bank to the High Court on 10 February 2012, with a corresponding reduction in fees payable to his staff.
The Special Manager had not been paid any fees between 26 April 2013 and the point of transfer to ptsb on 11 November 2013. The transfer order included a Special Manger fee accrual liability for ptsb, and ptsb later discharged it. The amount invoiced for that period was €502,638, bringing the total amount paid to the Special Manager in respect of his tenure to €1,754,780.