Fine Gael Cavan/Monaghan TD, Heather Humphreys, has this week called on the Central Bank to re-examine the fees being paid to the special manager appointed to Newbridge Credit Union.
Deputy Humphreys described the €423 per hour rate as outrageous and extremely difficult to justify.
“While I fully understand the need to ensure that the best people are hired for the job, paying an individual more than €400 an hour to manage a credit union at a time when many people don’t even take home that amount of money after a week’s work is very inappropriate.
“The credit union movement is of crucial importance to this country, and I agree that the right expertise must be employed to intervene in troubled Credit Unions where necessary.
“However, in the event that other credit unions may need intervention, we cannot have a situation where a series of accountants are being paid huge sums of money that in my opinion are out of kilter with the real economy, especially when they will be relying upon the existing staff to assist them in their work.
“Yesterday, Minister of State, Brian Hayes, said that he and the Minister for Finance took the view that the fees will have to be reviewed by the Central Bank.
“While I accept that intervention is needed in this particular case I cannot accept the rates being paid.
“I am calling on the Central Bank and the accountancy firm involved, Ernst & Young, to re-examine these fees and come to a more suitable arrangement.
“I have no doubt that the special manager appointed to Newbridge Credit Union has an extensive skillset and a high level of expertise but this level of remuneration is very difficult to accept in our current economic situation when everyone is being asked to play their part and share the burden.”