Why is Administrator of Newbridge Credit Union paid so much?

[jack2009]

OK this may be true but at least if you go through the public tendering process it is transparant and competitive.

Maybe in an ideal world it would be, but unfortunately in real life its not!

Also, personally I believe that the big issue is not the rate that any of these firms charge per hour but what they deliver for these rate. In that regard, I understand that the Joint Administrators of Quinn were critisised/questionned about their fee applications to the High Court.

To compound problems, the process itself is very inefficient and does not necessarily add any benefit the company/creditors!

 

[smeharg]

OK this may be true but at least if you go through the public tendering process it is transparant and competitive.

There's a "get out of jail free card" that can be played in emergency situations.

Perhaps the central bank relied on this in this case.