Dáil Éireann Debate, Wednesday - 8 February 2012
48 Deputy Billy Kelleher asked the Minister for Finance the amount of fees paid by a covered institution to a particular professional firm (details supplied) in each of the years 2010 and 2011; the nature of the arrangement in place between the two organisations at present; the length of time it is envisaged to remain in place; and the number of employees of the professional firm currently allocated to the covered institution. [7224/12]
View answerAs the Deputy will be aware, notwithstanding the fact that the State is a significant shareholder in the institute in question, the bank is run on a commercial basis and I do not have a role in the day to day commercial decisions taken by the board and management of the bank, including in respect of the employment of external consultants and advisors. The management and board of the bank detailed in the question are aware of their duties to their shareholders to ensure that all costs incurred by the bank are necessary and reflect the needs to the business. Separately, I am informed by the bank that in line with its normal practice, the bank have not disclosed the fees paid as they deem it to be commercially sensitive to do so in respect of arrangements entered into with individual firms. The firm continues to provide the bank in question with consultancy services and the bank remains committed to managing the cost of, and maximising the value from, this arrangement.
