Wednesday, 8 May 2013

Questions (66)

Pearse Doherty

Question:

66. Deputy Pearse Doherty asked the Minister for Finance further to the publication of the 2012 unaudited accounts for the National Asset Management Agency, if he will provide an explanation for the line item portfolio management fees which in 2012 amounted to a cost of €4,670,000 compared to €15,902,000 in 2011. [21639/13]

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Written answers (Question to Finance)

I have been advised by NAMA, that portfolio management fees principally comprise direct fees incurred in the on-going management of debtors. 2012 costs include, inter alia, property valuation, asset search and loan sale costs. The reduction in costs in 2012 to €4.67m from €15.9m reflects the fact that the majority of the 2011 costs related to fees for the independent review of debtor business plans. The independent review of such debtor business plans was substantially concluded in 2011.