Michael McGrath
Question:133. 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. [45950/15]
View answerThursday, 17 December 2015
Questions (133)
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 Mr 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 €1.25 million in Special Manager fees was approved by the High Court. At an early point the Special Manager reduced the hourly rates from €423 to €375 with the approval of the High Court, including a corresponding reduction for his staff.
The Special Manager had not been paid any fees between 26 April 2013 and the point of transfer to Permanent TSB (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.
Therefore, the total amount paid to the Special Manager in respect of his tenure was approximately €1.75 million.