Wednesday, 8 May 2013

Questions (67)

Pearse Doherty

Question:

67. Deputy Pearse Doherty asked the Minister for Finance further to the publication of the 2012 unaudited accounts for the National Asset Management Agency, the reason due diligence costs of €4,086,000 were recorded in 2012 in view of the fact that the last tranche of NAMA loans were acquired in March 2012; and if the due diligence costs are properly rechargeable to the banks from which the loans were acquired. [21640/13]

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Written answers (Question to Finance)

NAMA has advised that loan due diligence was substantially completed by the end of March 2012. The due diligence costs incurred in 2012 reflects the final settlement of fees to NAMA’s appointed advisers. Since inception, NAMA has recovered from the participating institutions €64.1m, of its total due diligence costs of €78.2m, through a reduction in the acquisition value of the loans. The balance of due diligence costs of €14.1m, including costs of €4.1m in 2012, has been expensed in NAMA’s accounts.