Newbridge Credit Union objects to manager's fees
The directors of Newbridge Credit Union are objecting to an application for a further €646,00 fees being sought by the special manager appointed to the credit union and his lawyers.
The fees relate to the period from June 2012 to January last. If approved, the 37,000 members of the credit union will have paid more than €1.3 million arising from the special manager's appointment by the Central Bank last year.
Luke Charleton of Ernst & Young is seeking €563,000 for the costs of himself and his team; some €83,000 in legal fees is being sought for lawyers Arthur Cox.
The board and supervisory committee of the credit union are objecting to those fees, president of the High Court Mr Justice Nicholas Kearns heard when the matter came before him yesterday. The judge was told the sides had agreed the matter could be adjourned for hearing next week and he granted that adjournment.
Mr Charleton was appointed special manager last January amid concerns about the credit union's financial position. His appointment was extended in July 2012, on consent of the directors, to mid-January last. In December 2012, it was extended to next summer.