Brendan Ryan (Dublin North, Labour)
Link to this: Individually | In context

Question 95: To ask the Minister for Finance with regards to the special manager process at Newbridge credit union, County Kildare, if he will supply the numbers of the various staff of a company (details supplied) including their titles and positions with that company; the length of time he thinks the special manager process will be in place at the credit union; and if he will make a statement on the matter. [10322/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

Section 68(1) of the Central Bank and Credit Institutions (Resolution) Act 2011 provides that a special manager may perform his functions with the assistance of persons appointed by him or her for that purpose. The Schedule to the Special Management Order in relation to Newbridge Credit Union Ltd. gives an indication of the positions which may be held by the team of Special Manager Assistants working with the Special Manager as follows: Partner, Director, Senior Manager, Manager and Senior. The number of people working with the Special Manager from the company to which you refer will vary according to the work being undertaken by the Special Manager. The Deputy might note that the total fees to be paid to the Special Manager and his team will be subject to approval by the Court upon request by the Special Manager. This request has not been made at this point. The request would typically include sufficient information for the Court to determine if the fees are reasonable, and might include a work schedule, indicating tasks performed, hours worked, and staff levels.

The Special Management Order provides for an appointment of 6 months duration. Any change to the Special Management Order and matters outlined above require a further application to the Court.