€423 an hour fee for credit union ‘saviour’

AN outside expert brought in by the Central Bank to run a credit union whose financial status has given serious cause for concern will be paid an hourly rate of €423 for his expertise for an indefinite period.

In addition, the team of assistants that Luke Charleton of Ernst & Young brings with him to turn around the fortunes of Newbridge Credit Union (NCU) will be paid hourly rates ranging from €150 to €423. An industry source said these were going rates. The size of the team has yet to be agreed.

Mr Charleton’s appointment as special manager to the Kildare credit union is with immediate effect after the Central Bank succeeded yesterday in securing an unprecedented High Court order that lets him manage the entire business of NCU amid serious concerns about its financial position.