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THE HOURLY WAGE paid to the ‘special manager’ appointed by the High Court to oversee operations at Newbridge Credit Union has been lowered – to €375 an hour.
Luke Charleton, a partner and chartered accountant at Ernst & Young, had his payment cut by High Court president Justice Nicholas Kearns yesterday on application by both the Central Bank and the committee of the Newbridge credit union.
Charleton had originally been paid a fee of around €423 an hour, while staff appointed by him to oversee his review of the credit union’s affairs have been cut on a similar pro rata basis.
He had been appointed after an application by the Central Bank of Ireland, which said it had sought the appointment to oversee the day-to-day management of the union, and to allow it to continue operations as normal.
The union had previously said it had “encountered some delays in finalising the audit, and obtaining approval from the Registrar of Credit Unions, to produce an Annual Report”. Its AGM had been delayed before the special manager was appointed.
Finance minister Michael Noonan has insisted that the appointment of the special manager was solely “to undertake a review of the Credit Union with a view to ascertaining its financial position, and to develop a plan to restore the institution’s financial position considering all available options.”
The appointment is the first under the Central Bank and Credit Institutions (Resolution) Act introduced last year.
Local Fine Gael TD Martin Heydon said the cut to the manager’s wage was “a step in the right direction”, describing the original €423 hourly rate as “exhorbitant”.
He said the rates remained too high, however, which was “particularly important when we consider that Newbridge is likely to be the first of a number of credit unions where intervention is needed”.
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Even the new rate of pay is too high. It is utterly incredible that this person is paid so much per hour.
Don’t be posting articles like that Gavan.
You’ll make Bill Gates jealous.
Ernst and Young
Weren’t those the guys who used to audit our banks and give them the ”all clear” in the ”Boom Times”?
Just before they all went bust?
its enough to make ya sick. i earn less in 4 months than he does a wk
Nah, Ernst and Young were the two old feckers sitting in the theatre box weren’t they on Sesame Street? Oh no, my mistake, that was Brian Cowen and Bertie Aherne!
Ernst & Young
Were they not the ones La Senza staff stood up to ?
An hour!? That’s more than a lot of people earn in a week!! Ridiculous!
… and some can survive quite comfortably on such a weekly wage. It always baffles me as to what these people need such inflated pay checks for.
A week?! Try a month….
Rip-Off Ireland still working well for some
i actually thought the 375 was a miss print! what a ridiculous amount of money to pay per hour for any profession.
I don’t think prostitutes even earn that kind of money!!!
Oh they do……believe me they do. Hugh Grant.
Don’t complain. Do something about it !
The quickest way to protest on this one is move your shares to another credit union and yes it is possible €375 an hour what an insult to our intelligence
What about the other employees, surely if everyone moved there shares it would cause job losses??
Still overpaid thats ridiculous is it a wonder the country is the way it is..
Well ppl it’s going on in this country for years ,,,, Irish ppl are like sheep always giving out in the pub over a pint but do nothing it’s only when we as a people get as one to tell these people no more because it will go on and on on till we as a people say STOP only we as a people can do that
If i hire an articuated truck,which carries about 25 tons,by the hour & i get a driver with it & its insured it would cost me somewhere in the region of €30 —€40 an hour. Please tell how someone is worth nearly €400 & how can i earn this type of money.
This has to be some sort of sick, twisted joke?
Disgraceful…just goes to show that there are people out there feeding on the vunerability and misery of others to make a quick buck…another sign of where this country is and who drove it there.
Have you never heard of Louis Walsh and Simon Cowell?
@ William…..vaugely. Don’t think they’re skinning the Irish people by their actions tho….
Disgusting. Just proves Ireland has not moved on.
Disgraceful…there’s pleanty of people throughout the country who wouldn’t make that in a week. And they probably work a lot harder for it.
O.M.G we need to make a church gate collection for this man to survive his pay cut
Anyone who has any money in the credit union should take it out and put a stop to this madness. We’re being screwed every which way and this guy is on this sort of money it’s absolutely disgraceful.
An Hour!! Until I read the comment I thought it was per day! Completely unacceptable and outlandish expense. Pay the guy a decent wage or get someone who will work for normal rates.
”Charleton had originally been paid a fee of around €423 an hour, while staff appointed by him to oversee his review of the credit union’s affairs have been cut on a similar pro rata basis”
€423 an hour for one ”man” plus additional staff?
This is just one credit union?
Just imagine what these schiesters are charging us for the Regulator’s wrong call on Quinn.
Is there enough money in the world for this F@@k Up.
Fair plate of the Newbridge Credit Union committee for questioning it.
Whose gonna question the Anglo Hoist?
Another reminder that the 1% in this country are taking our money and moving it around amongst themselves when they’re not sending it out of the country! It’s fu€king obscene what’s going on and it won’t stop of its own accord.
Fuckin disgusting!
Awh man!! :’( I’m so sad for this guy!
He’ll basically be on the poverty line! I’m gonna send him some bread right now. We all gotta stick together.
That’s a ludicrous rate. Please tell me there has been some sort of miscommunication.
Excuse me for my language , but this is vomit inducing.
How dare he be paid this exhorbitant money .
I don’t care how good this person is at their job .
Nobody should accept this kind of payment .
That is out and out greed .
Is there no end to this nonsense? How much is enough to earn ?
I hate to sound begrudgy, but this is insane..
All I can say is that I sincerely hope he is paying the 48% tax rate he is supposed to as such a high earner, rather than paying sweet f.a like most of them..
A family of seven, reliant on welfare due to redundancy, paying a mortgage, gets about €450 per week to live on. For someone to be paid almost that per hour is obscene. How much money does any one person need? How much meaningless crap can one person buy?
There’s something very wrong with the monetary system.. And it’s not just here..
Surely the €423 per hour fee was to ensure that the credit union was run properly? In other words so that a management team was put in place. Somehow this fat cat gets away with appointing OTHERS at FURTHER expense to do the actual work and creams the €423 for himself.
Was there something wrong in the running of the Credit union prior to the installation of the Special Manager. No report has been made to the members.
so am i right in thinking that a 40 hour week and this fella get 15,000……thats 15 thousand EURO!
criminal….
780k per year..It’s twice what Obama gets! To manage a credit union in Newbridge? I don’t f***ing know anymore!
if you could, you would
If I were a member if that credit union I’d be popping by on Monday and transferring my savings yo another …..it’s a disgrace!
Aw! God love him, how’z he goin to manage on that, poor fella!! : / What a disgrace! No job justifies that hourly rate!!
Reduction of hourly rate means nothing. Its the total bill that matters. A forensic examination of hours spent and work done is required
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