Credit Union 'Special Manager' and team get up to €423 every hour... each

Newbridge Credit Union's in a spot of bother financially and so the High Court has handed them a lifeline, a 'Special Manager' who will be paid a whopping €423... every hour.

Luke Charleton, accountancy bigwig at Ernest & Young, will be paid the hourly rate for the next four weeks to compile a report on the County Kildare Credit Union's financial state. Thus ensuring that the country's third-largest Credit Union - NCU - will have an even bigger hole in their balance by the time he's finished with them.

What's even better is that it's also been revealed that all his pals that he brings with him to work on the report will at the very least, - and I stress very least - get €150 an hour.

The sky-high rates were published in a legal notice this morning which stated pretty matter of factly that the Special Manager will be: "remunerated on the basis of the following hourly rate" of €423. Mr Charleton's assistants, if they're a firm partner, also get €423. There will be €339 for directors, €279 for a senior manager, €216 for manager and €150 if you're just a lowly little senior.

However, if you thought Newbridge Credit Union is going to be singled out, then you're most likely wrong. The Central Bank is growing a tad nervous about 56 other Credit Union's around the country that are massively exposed to property loan defaults.

So these massive remunerations for 'Special Managers' may be coming to your nearest CU soon.