€423/hr for credit union "manager"

wendell borton · 18-01-2012 01:05AM #1

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 · 18-01-2012 01:09AM

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 · 18-01-2012 01:11AM

Crazy

Unless Its Georgia Salpa

Johro · 18-01-2012 01:11AM

'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 · 18-01-2012 01:12AM

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

minidazzler · 18-01-2012 01:13AM

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

Quazzie · 18-01-2012 01:13AM

Meh. Plumbers were charging this during the boom.

krudler · 18-01-2012 01:14AM

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 · 18-01-2012 01:15AM

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 · 18-01-2012 01:16AM

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 · 18-01-2012 01:25AM

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 · 18-01-2012 01:32AM

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 · 18-01-2012 01:45AM

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

Dudess · 18-01-2012 01:48AM

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 · 18-01-2012 01:48AM

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 · 18-01-2012 01:58AM

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 · 18-01-2012 02:01AM

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 · 18-01-2012 02:34AM

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 · 18-01-2012 03:48AM

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 · 18-01-2012 10:32AM

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 · 18-01-2012 10:38AM

But he's special!

biko · 18-01-2012 10:42AM

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

SEPT 23 1989 · 18-01-2012 10:44AM

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

Banana Republic

ixoy · 18-01-2012 10:47AM

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 · 18-01-2012 10:48AM

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

seamus · 18-01-2012 10:56AM

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 · 18-01-2012 10:59AM

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.

18-01-2012 11:33AM

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.

18-01-2012 11:58AM

AH posters in begrudgery shocker!

hooradiation · 18-01-2012 12:04PM

Victor Scrawny Tigress wrote: »

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

Edited for accuracy.

Zulu · 18-01-2012 12:14PM

Welcome to the world of consultancy & contracters.

€423/hr for credit union "manager"

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