Dáil Éireann Debate, Wednesday - 29 September 2010
528 Deputy Joan Burton asked the Minister for Finance if he will set out the amounts granted by him in lieu of external advisory services for each year since 2006 and to date in 2010 in respect of banking and other advice; the names of any such advisers contracted by his Department; the total and final expected cost for each adviser, and the purpose and duration of each such contract; and if he will make a statement on the matter. [34109/10]
View answerFollowing clarification with the Deputy I understand that the information being sought relates to the total amount paid by my Department in respect of banking consultancies in each of the years 2006 to date in 2010. The following table sets out the information requested.
|
Year |
Payees |
Total Paid €’000 |
|
2006 |
N/a |
€0 |
|
2007 |
N/a |
€0 |
|
2008 |
Arthur Cox & Co |
€1,628 |
|
2009 |
Arthur Cox & Co, Watson Wyatt Limited, Hay Group Ireland Limited |
€5,888 |
|
2010 |
Arthur Cox & Co, PricewaterhouseCoopers |
€3,205 |
The purpose of the individual contracts is as follows:
Arthur Cox & Co — Legal advice in respect of guarantees (CIFS & ELG), nationalisation of Anglo Irish Bank, recapitalisations and restructuring plans — ongoing
Watson Wyatt — Professional services provided to CIROC in relation to the Executive Compensation Market in Ireland and overseas — contract complete
Hay Group Ireland Limited — Presentation to CIROC on banking remuneration — contract complete
PricewaterhouseCoopers — Professional Fees in respect of accounting advice on promissory notes. — contract complete
The requirement for ongoing professional advice will be driven by developments in the financial markets and as such the Arthur Cox contract is not of a specified duration. The provision in the 2010 Estimate for such professional advice is €4.3m and I expect that the costs will remain within this Estimate. A further provision of €2m is included in the Vote 6 2010 Estimate in respect of the Banking Inquiry. Mr. Peter Nyberg has commenced the process of recruiting experts to assist in this Inquiry and the costs in 2010 are expected to remain within budget.
2011 Estimates are not yet finalised but it is likely that there will be a continuing need for provisions for both Banking Consultancies and the Banking Inquiry in 2011. The work of the Banking Inquiry is expected to be completed by mid-2011.
