Seán Ó Fearghaíl (Kildare South, Fianna Fail)
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Question 155: To ask the Minister for Finance his views the recent appointment of a special manager to Newbridge Credit Union, County Kildare; if his attention has been drawn to the excellent reputation that the credit union has in Newbridge in respect of the services it provides to its members and to the broader community; if his attention has further been drawn to the controversy surrounding the level of fees which it is reported will be paid to the special manager and his team; if he will confirm the actual level of costs approved on an hourly or daily basis in respect of the appointment of this manager; if he is satisfied that the future of Newbridge Credit Union and its members' savings are secure; and if he will make a statement on the matter. [3832/12]

Michael Noonan (Limerick City, Fine Gael)
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The decision to apply to the Court for the appointment of a special manager is a matter for the Governor of the Central Bank, following consultation with me as Minister of Finance. On 13 January 2012, the Central Bank of Ireland secured a High Court Order for the appointment of a Special Manager to Newbridge Credit Union. The Central Bank states that a number of specific issues arose in relation to the finalisation of the 2011 financial statements; however, the draft accounts provided by Newbridge Credit Union show a solvent position.

This action has been taken to allow the Credit Union to continue to operate as normal and to protect members' savings. The special manager replaces the management and Board of Newbridge Credit Union and his primary role is to establish the financial position and bring forward a business plan. In accordance with the Central Bank and Credit Institutions (Resolution) Act 2011, the remuneration payable to the special manager was included in the special management order approved by the Court on foot of the Central Bank's application. The order provides that for the first month of his appointment, the special manager shall be remunerated on the basis of €423 per hour. Under the order, any payment to the special manager is subject to the approval of the Court.

Newbridge Credit Union has 14 days to appeal the decision to the High Court. This appeals period expires on 27 January 2012. I believe that it would be inappropriate for me to comment further on the issues raised in the question during the 14 day window during which Newbridge Credit Union may appeal this decision.