€423/hr for credit union "manager"

wendell borton

A 'special manager' appointed by the Central Bank to run a Co Kildare credit union will be paid €423 per hour for his work, this is insane :eek::mad:.
http://www.independent.ie/national-news/credit-union-manager-to-be-paid-423-an-hour-2989633.html

WTF a lot of people hardly make that in a week.

paddy147

wendell borton wrote: »

A 'special manager' appointed by the Central Bank to run a Co Kildare credit union will be paid €423 per hour for his work, this is insane :eek::mad:.
http://www.independent.ie/national-news/credit-union-manager-to-be-paid-423-an-hour-2989633.html

WTF a lot of people hardly make that in a week.

According to Minister Leo Varadkar earlier this evening on Prime Time,its a very demanding job and the pay (in his view) is perfectly ok and inline with the type of job to be done.



ME HOLE.:mad::mad:

D1stant

Crazy



Unless Its Georgia Salpa

Johro

'A 'special manager' appointed by the Central Bank to run a Co Kildare credit union will be paid €423 per hour for his work.
Luke Charleton of accountancy firm Ernst & Young will be paid the hourly rate for the next month to compile a report on trading conditions in Newbridge Credit Union on behalf of the financial regulator.
And last night it emerged that the Regulator will pay any colleagues assisting the 'special manager' a minimum of €150 per hour.
A legal notice published this morning outlines the range of hourly fees which will be paid until February 13 next, after which an agreed fee will be struck between the Central Bank and Ernst & Young for further work.'


I think the bits in bold are the important bits in this story.

krudler

coal mining is a demanding job, fixing suspension bridges is a demanding job, managing a credit union? fcuk off.

minidazzler

He won't get that much, most of that will go to Ernst and Young.

Quazzie

Meh. Plumbers were charging this during the boom.

krudler

minidazzler wrote: »

He won't get that much, most of that will go to Ernst and Young.

is it just me or that name sound like a Vegas circus act duo?

WoollyRedHat

What do they classify as assisting? Might get the next train down to Co. Kildare and see how I can help, I'm sure he'll need someone to make him coffee and whatnot while he's busy doing his reporting. It'll be the easiest €150 an hour I'll ever make

wendell borton

Johro wrote: »

'A 'special manager' appointed by the Central Bank to run a Co Kildare credit union will be paid €423 per hour for his work.
Luke Charleton of accountancy firm Ernst & Young will be paid the hourly rate for the next month to compile a report on trading conditions in Newbridge Credit Union on behalf of the financial regulator.
And last night it emerged that the Regulator will pay any colleagues assisting the 'special manager' a minimum of €150 per hour.
A legal notice published this morning outlines the range of hourly fees which will be paid until February 13 next, after which an agreed fee will be struck between the Central Bank and Ernst & Young for further work.'


I think the bits in bold are the important bits in this story.

These financial b*stards are worse than the mafia.

Potential-Monke

So, he's going to make/charge more in 1 month than i'll make in over 2 years... I knew i should have paid attention in school!

SafeSurfer

Is this the same Ernst and Young that advised the government on the bank guarantee and audited the accounts of the banks giving them a clean bill of health?

Whatever they are paid is'nt half enough.

YouTookMyName

If it's before tax he'll probably walk away with just over minimum.

Dudess

It's a crazy amount of money for sure, but... It's not like it's a permanent job, and how do people know it's not demanding?

admiralofthefleet

paddy147 wrote: »

According to Minister Leo Varadkar earlier this evening on Prime Time,its a very demanding job and the pay (in his view) is perfectly ok and inline with the type of job to be done.



ME HOLE.:mad::mad:

for that money varadker could afford to get metro north done.

LighterGuy

wendell borton wrote: »

A 'special manager' appointed by the Central Bank to run a Co Kildare credit union will be paid €423 per hour for his work, this is insane :eek::mad:.
http://www.independent.ie/national-news/credit-union-manager-to-be-paid-423-an-hour-2989633.html

WTF a lot of people hardly make that in a week.

Question to the people of boards...

if you were offered this job would you take it or not?

longhalloween

LighterGuy wrote: »

Question to the people of boards...

if you were offered this job would you take it or not?

Hell yeah!!

Is that you Mr. Varadker?

kincsem

The guy doing the work will get a highish normal salary. The partners in the firm will get the cream.
By 5th February in my final training year in accountancy I had earned fees that were more than my year's salary and collected those fees. The other 10.75 months would be profit for the firm (less my pittance.)

In this situation I think the government should shop around for a better fee deal. They do not have to get a major accounting firm ... but the firm used might have connections. There is nothing stopping the government from going abroad within the EC to get the work done.

LighterGuy

longhalloween wrote: »

Hell yeah!!

Is that you Mr. Varadker?

:pac: ...
So .. How can anyone have an issue with this high paying wage? Sure i'd take it myself. So whats really at play here. We'd all take the job. But because we aint the one who is doing it, we have an issue with who is getting that wage?

Hypocrissy? Begrudgery? ... Cause threads like these just bring moans out of people.

AeoNGriM

LighterGuy wrote: »

:pac: ...
So .. How can anyone have an issue with this high paying wage? Sure i'd take it myself. So whats really at play here. We'd all take the job. But because we aint the one who is doing it, we have an issue with who is getting that wage?

Hypocrissy? Begrudgery? ... Cause threads like these just bring moans out of people.

It's remarkable. So that's what people are doing.......remarking. Is there some kind of rule or law that says you can't think this is too high a wage for the work involved and then envy the guy who is earning it?

Besides, you're just moaning about people moaning....have you nothing better to moan about? Stop begrudging us our begrudgery!

Standard Toaster

But he's special!

biko

These firms made millions advising companies/banks into a crash.
Now the same firms are advising them out?

SEPT 23 1989

Is this the same Ernst & Young that signed off on the Anglo accounts?

Banana Republic

ixoy

Out of curiosity: Is that what he's actually getting paid or is that what the Credit Union is paying Ernest & Young for his services? Because the rates charged by consultancy firms, per hour, are often very different to the wage the employees actually get.

bijapos

Go easy on him, the poor sod is only on 25% of what Joe Duffy earns in an hour!

seamus

Most of the work will be done by the "assistants" who will be trainee and recently qualified accountants. The entire hourly fee goes to Ernst & Young, Charlton is a partner there who takes a fixed amount of drawings from the company every month.
The "assistants" being charged out @ €150/hour are paid at most 10% of that.

This is the kind of money that you pay when you hire consultancy firms to carry out ordinary jobs. It's a total racket.

Wicklowrider

LighterGuy wrote: »

Hypocrissy? Begrudgery? ... Cause threads like these just bring moans out of people.

I don't think it is hypocrisy.
Who gets paid the money isn't the real issue for me. I've left every penny I own in my local credit union for last 10 years. I did that purely because I believe in the movement. If anyone starts paying themselves obscene money on the back of my money I'll withdraw the savings. I'm guessing any depositor will. Then the C.U will crash. Pity that is their ultimate aim.

Why is this news? When I worked on hedge funds, I saw invoices for a lot more per hour from solicitors..

And as much as I can't believe I'm defending this... He's probably one of about 10 people in the country with the expertise to complete the report and the qualifications/reputation/whatever for the report to be worth anything. None of us could do it.

It's the joys of capitalism.. He's specialized so much that he's worth that for short contracts.

AH posters in begrudgery shocker!

hooradiation

Victor Scrawny Tigress wrote: »

AH posters in begrudgery having no clue as to what they're talking about shocker!

Edited for accuracy.

Zulu

Welcome to the world of consultancy & contracters.

Nothingbetter2d

is there an actual list of which credit unions are dodgy and which are doing ok?

Wicklowrider

Nothingbetter2d wrote: »

is there an actual list of which credit unions are dodgy and which are doing ok?

I haven't seen one. Why do you ask? If you are concerned about your deposit, the primetime prog last night stated our deposits are guaranteed under the bank scheme. If you missed it http://www.rte.ie/player/#!v=1131443

Gordon Gecko

In fairness, if Joe Higgins ran this country it's what every chimney sweep and boot shine would be earning per hour

Zulu

Nothingbetter2d wrote: »

is there an actual list of which credit unions are dodgy and which are doing ok?

I think Santa has it up in the Pole.

Freddie59

Dudess wrote: »

It's a crazy amount of money for sure, but... It's not like it's a permanent job, and how do people know it's not demanding?

€423 an hour demanding? Roughly €15k a week? FFS. As a previous poster said, coal mining, etc is demanding. Managing a Credit Union? If this is so, why aren't ALL CU managers on €423 an hour.

Seriously, is this sh!te EVER going to stop? It's one revelation after another. And the b@stards know we can't - or won't - do anything about it.:mad:

Freddie59

LighterGuy wrote: »

:pac: ...
So .. How can anyone have an issue with this high paying wage? Sure i'd take it myself. So whats really at play here. We'd all take the job. But because we aint the one who is doing it, we have an issue with who is getting that wage?

Hypocrissy? Begrudgery? ... Cause threads like these just bring moans out of people.

The salary and the person doing it aren't really the issue. The issue is that some fcuking clown is prepared to pay it in the first instance.

Normal person: "how much to check out the books?"

Reply: "€15 grand a week".

Normal person: "Fcuk off. I'll get someone else".

Government: "That's fine - when can you start".

It is totally and utterly GUBU, to quote an old saying.;)

sh__93

Assuming he works an 8 hour day and works for 25 days of the month that means he earns €84,600 for that month. That is mental!

ScumLord

Standard Toaster wrote: »

But he's special!

So pay him in penny sweets then.

Deleted User wrote: »

Why is this news? When I worked on hedge funds, I saw invoices for a lot more per hour from solicitors..

And as much as I can't believe I'm defending this... He's probably one of about 10 people in the country with the expertise to complete the report and the qualifications/reputation/whatever for the report to be worth anything. None of us could do it.

It's the joys of capitalism.. He's specialized so much that he's worth that for short contracts.

That's a fair point but it's still obscene and unnecessary to pay someone that kind of money to maintain the banking systems dominance over every bodies lives.

Freddie59 wrote: »

€423 an hour demanding? Roughly €15k a week? FFS. As a previous poster said, coal mining, etc is demanding. Managing a Credit Union? If this is so, why aren't ALL CU managers on €423 an hour.

Because they'll work for less and there's hundreds of people that can do the job just as well. I'm sure if the CU had a cheaper choice they may well have gone with it. You only pay this kind of money if you absolutely have to.

Ian64

See he works for Ernst and young, wouldn't that be the same shower who were Anglo Irish Banks auditors and signed off to say everthing was hunky dory at that institution?

flahavaj

Jesus Christ it has already been pointed out that the guy in question is highly unlikely to be paid that money himself, but people still wade in with the usual rabble rabble outrage. Hopefully no one ever tries to pay ye for a job that requires an ability to read.

Also he's not managing the CU, he's compiling a report. Read.

Freddie59

ScumLord wrote: »

You only pay this kind of money if you absolutely have to.

No. You only pay this kind of money if you're out of touch with reality.

Freddie59

flahavaj wrote: »

Jesus Christ it has already been pointed out that the guy in question is highly unlikely to be paid that money himself, but people still wade in with the usual rabble rabble outrage. Hopefully no one ever tries to pay ye for a job that requires an ability to read.

Also he's not managing the CU, he's compiling a report. Read.

At €423 per hour. Media reports stated that a manager had been moved in by the central Bank.

Gmol

flahavaj wrote: »

Jesus Christ it has already been pointed out that the guy in question is highly unlikely to be paid that money himself, but people still wade in with the usual rabble rabble outrage. Hopefully no one ever tries to pay ye for a job that requires an ability to read.

Also he's not managing the CU, he's compiling a report. Read.

Why pay this amount to a company who also audited Anglo? would you have any faith in the finding of their report?

Freddie59

Freddie59 wrote: »

€423 an hour demanding? Roughly €15k a week? FFS. As a previous poster said, coal mining, etc is demanding. Managing a Credit Union? If this is so, why aren't ALL CU managers on €423 an hour.

Seriously, is this sh!te EVER going to stop? It's one revelation after another. And the b@stards know we can't - or won't - do anything about it.:mad:

You have no idea what it involves how do you know how demanding or pressurised it is or what expertise is involved.

People really need to get to grips with the fact that most people on big money deserve it and stop complaining about it, mainly because they don't earn that sort of money and not one person would turn down that sort of pay if they were offered it.

423 euro an hour is small change compared to what some people in financial services/hedge funds/banking earn. It wasn't uncommon to see consulting roles with 700 to 900 sterling per hour advertised a few years ago in London and that was in IT.

Fighting Irish

the jealousy in this thread lol

flahavaj

Freddie59 wrote: »

At €423 per hour. Media reports stated that a manager had been moved in by the central Bank.

Yes to compile a report.

twinytwo

Freddie59 wrote: »

€423 an hour demanding? Roughly €15k a week? FFS. As a previous poster said, coal mining, etc is demanding. Managing a Credit Union? If this is so, why aren't ALL CU managers on €423 an hour.

Seriously, is this sh!te EVER going to stop? It's one revelation after another. And the b@stards know we can't - or won't - do anything about it.:mad:

Well lets put it this way... has there actually any serious opposition to anything??....


Burn a few of the government and bankers out of their homes.....

Get 500,000 people on the streets of dublin...

Until then all these morons will continue laughing all the way to the bank.

Gmol

Victor Scrawny Tigress wrote: »

You have no idea what it involves how do you know how demanding or pressurised it is or what exertise is involved.

People really need to get to grips with the fact that most people on big money deserve it and stop complaining about it, mainly because they don't earn that sort of money and not one person would turn down that sort of pay if they were offered it.

423 euro an hour is small change compared to what some people in financial services/hedge funds/banking earn. It wasn't uncommon to see consulting roles with 700 to 900 sterling per hour advertised a few years ago in London and that was in IT.

Have no problem particularly with the money being paid but I am sure there is better value out there. Also there should be a form of accountability ie they shouldn't be able to walk away and say not our problem they need to be able to stand over their work

seanmc1980

Think people are missing a piece of the picture here,

Okay let me explain Ernst & Yourg are getting paid 423 an hour consultancy fee. The person working there will get his normal salary paid by E&Y not the 423 per hour.
This is a nornal rate for a short term consult. a friend of mine works for SAP his charge rate is 1000 an hour and he get paid 60k a year.

Wicklowrider

To all the people who think this charge is acceptable, have you got a CU account? I seriously doubt it because no one would willingly part with this kind of money.

Credit Unions ONLY got into trouble when they started taking these type of gob****es advise. Prior to that they ran on the community's conscience and good sense. And they done very well for over 4 decades, in and out of two previous recessions. Once the "Professionals" with their grubby little "degrees" got their hands on it things went seriously wrong. In any other sector, barring the Irish financial sector, these so & so's would be unemployable for their treasonous double dealing and incompetence. I'll repeat what I said earlier - if they try that stunt here in my town I'll take my savings out. Like minded people will do the same and that will be an end to a great community asset.