€423/hr for credit union "manager"

Nothingbetter2d · 18-01-2012 12:43PM

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

Wicklowrider · 18-01-2012 01:01PM

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 · 18-01-2012 01:42PM

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

Zulu · 18-01-2012 01:43PM

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 · 18-01-2012 02:10PM

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 · 18-01-2012 02:17PM

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 · 18-01-2012 02:26PM

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 · 18-01-2012 02:31PM

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 · 18-01-2012 02:31PM

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 · 18-01-2012 02:47PM

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 · 18-01-2012 02:59PM

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 · 18-01-2012 03:01PM

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 · 18-01-2012 03:02PM

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?

18-01-2012 03:09PM

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 · 18-01-2012 03:10PM

the jealousy in this thread lol

flahavaj · 18-01-2012 03:15PM

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 · 18-01-2012 03:15PM

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 · 18-01-2012 03:23PM

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 · 18-01-2012 05:40PM

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 · 18-01-2012 06:29PM

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.

Liam Byrne · 18-01-2012 06:46PM

seanmc1980 wrote: »

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.

Remember that it's the same Ernst & Young who audited that everything in Anglo was OK.

They're not worth €4.23 an hour, let along 100 times that!

ScumLord · 18-01-2012 06:51PM

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.

It's still a disgusting amount of money to pay out each hour. It's also getting paid to the same group of people that caused the mess in the first place, it's like a protection racket that the mob would use.

Freddie59 wrote: »

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

Are you sure about that? Do you know the going rate for hiring these guys?

Freddie59 · 18-01-2012 08:39PM

Victor Scrawny Tigress wrote: »

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.

Sweet Jesus.:rolleyes: No wonder this country is in the state that it's in. Just bend over and take it up the ass, eh? Great plan. For example, a consultant employed in the german Health Service can earn a maximum of €96k by law. Here they will earn a minimum of €250k, and an average of €500k.

NOTHING can justify €423 per hour. NOTHING. And until we rid ourselves of this mentality (and by that I mean the idiots that pay this type of money to these people) that this is in some perverted way acceptable, then we are digging an even bigger financial pit for ourselves. Could the central bank not have seconded a member of staff in the short term? Would that have been too much to ask?

Or are they incapable of giving the books of a lowly Credit Union the once over? FFS.:mad:

Of course people would accept that rate or salary. No-one would deny that. However, if the fcuking thing wasn't made available in the first instance it might be a better idea.

Freddie59 · 18-01-2012 08:42PM

flahavaj wrote: »

Yes to compile a report.

http://www.rte.ie/news/2012/0113/credit-business.html

The High Court heard that the application was being made under the Central Bank Credit Institutions Resolution Act, which allows a special manager be installed to run the entire operations of a credit union when it was feared regulatory requirements were not being met.

The manager, from the Ernst & Young company, is to review the Newbridge Credit Union's loanbook as well as funding and arrears at Newbridge Credit Union. But the court emphasised "it will be business as usual".

Freddie59 · 18-01-2012 08:44PM

seanmc1980 wrote: »

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.

You keep paying it - they'll keep charging it. "consultancy fee". Ya gotta love it though. These are the fcuking books of a Credit Union - not an entire country FFS.

Freddie59 · 18-01-2012 08:45PM

ScumLord wrote: »

It's still a disgusting amount of money to pay out each hour. It's also getting paid to the same group of people that caused the mess in the first place, it's like a protection racket that the mob would use.

Are you sure about that? Do you know the going rate for hiring these guys?

In fairness what else can you call it? It is ludicrous.

bbam · 18-01-2012 08:45PM

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.

Great job by FG/LAB in bringing in a new era of value for the public spending..

Normal service has been resumed.... Jobs for the boys and we pick up the tab

Freddie59 · 18-01-2012 08:46PM

ScumLord wrote: »

So pay him in penny sweets then.

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.

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.

But they didn't have a choice. It was forced on them.

bbam · 18-01-2012 09:14PM

Freddie59 wrote: »

NOTHING can justify €423 per hour. NOTHING.

Your right...
And his report???

My bet it will be a few hundered pages long, graphs from XL etc..
All it will say is money was lent to people who now can't afford to repay it. Maybe some cash badly invested and now lost...

Money for Jam. The type of guy who works for those accountancy firms don't find going over the books of a CU as a hard job... they wouldn't have him if he did..

This is just another example of paying way over the odds for a service because your spending other peoples money :mad:

Freddie59 · 19-01-2012 12:07AM

bbam wrote: »

Your right...
And his report???

My bet it will be a few hundered pages long, graphs from XL etc..
All it will say is money was lent to people who now can't afford to repay it. Maybe some cash badly invested and now lost...

Money for Jam. The type of guy who works for those accountancy firms don't find going over the books of a CU as a hard job... they wouldn't have him if he did..

This is just another example of paying way over the odds for a service because your spending other peoples money :mad:

So, so true. Unfortunately for this country.

€423/hr for credit union "manager"

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