High Court approves €500k payment to Newbridge Credit Union special manager

More than half a million euros in fees to cover the costs of the special manager and his team at Newbridge Credit Union were approved today by the High Court.

More than half a million euros in fees to cover the costs of the special manager and his team at Newbridge Credit Union were approved today by the High Court.

Judge Brian McGovern approved the fees of the special manager and this team appointed to Newbridge Credit union since January, 13 last at €509,543 before VAT.

After VAT the figure made a total of €33,024 sought for some five months work by Luke Charleton of Ernst Young, the chartered accountant appointed as special manager to Newbridge Credit Union on January 13 last. The hourly rate for the special manager was approved initially at €423. This rate was later reduced by the court to €375 per hour. Some €70,977 legal fees were also approved.

An extension to the Special Manager’s contract was approved recently until January, 2013 next to protect members’ savings.

Newbridge Credit Union is the third largest community based credit union in the country with 38,000 members and assets of €190 million.