IBRC Operations

Dáil Éireann Debate, Thursday - 23 April 2015

Thursday, 23 April 2015

Questions (62, 63, 65)

Michael McGrath

Question:

62. Deputy Michael McGrath asked the Minister for Finance further to his Department's publication of the Irish Bank Resolution Corporation's special liquidators' progress update report dated 12 March 2015, if his attention has been drawn to the contents of the National Asset Management Agency rate cards for professional and legal advisers being applied by the special liquidators; if he approved those rate cards; the contents of those rate cards; and if he will make a statement on the matter. [16029/15]

Michael McGrath

Question:

63. Deputy Michael McGrath asked the Minister for Finance if he is aware of the contents of the rate cards applicable to professional and legal advisers providing services to the National Asset Management Agency; if he approved those rate cards; the contents of those rate cards; and if he will make a statement on the matter. [16030/15]

Michael McGrath

Question:

65. Deputy Michael McGrath asked the Minister for Finance if he is aware of the basis upon which fees are calculated for professional and legal advisers, in relation to the Irish Bank Resolution Corporation's special liquidation, for those firms not charging by reference to a National Asset Management Agency rate card; if he has approved the relevant rates or fees; the full particulars of the relevant rates or fees; and if he will make a statement on the matter. [16032/15]

Written answers

Minister for Finance

I propose to take Questions Nos. 62, 63 and 65 together.

I am advised by the Special Liquidators that they have sought to minimise legal fees to the greatest extent possible. Irish Bank Resolution Corporation Limited (in Special Liquidation) conducted a competitive tender process in order to establish a panel of legal firms. Reduced and/or capped fees were included in the tenders. The Special Liquidators can confirm that the rates per the NAMA rate cards are reduced hourly rates or fixed costs for specific pieces of work.

The Special Liquidators can also confirm that they have successfully negotiated fee rebates from many of the legal firms.

The Special Liquidators cannot disclose information on the particular rates being charged as this is confidential to each of the legal firms. However, there is a summary table of the total gross and total net professional fees associated with the Special Liquidation of IBRC to 31 December 2014 contained in the recent Progress Update Report, a copy of which is available on the Department of Finance website.