Dáil Éireann Debate, Thursday - 23 April 2015
64. Deputy Michael McGrath asked the Minister for Finance the names of the professional and legal advisory firms with which he attempted to negotiate fee rebates in respect of the Irish Bank Resolution Corporation's special liquidation, but in relation to which no fee rebate was agreed; and if he will make a statement on the matter. [16031/15]
View answerI, as Minister for Finance, successfully negotiated a fee rebate directly with KPMG for their role in the Special Liquidation of IBRC. This resulted in a €5m rebate on their professional fees. I was not involved in negotiations around rebates with any other professional or legal firm as part of the Special Liquidation of IBRC.
All other negotiation of rebates on professional and legal fees as part of the Special Liquidation were a matter for the Special Liquidators as I asked the Special Liquidators to negotiate these and this resulted in the agreement of rebates on already reduced rates with A&L Goodbody Solicitors and Linklaters Solicitors. Total rebates from these two firms amounted to €2.6m which meant that the total rebates received since the start of the liquidation are €7.6m. After KPMG, A&L Goodbody Solicitors and Linklaters solicitors were the two largest recipients of fees arising from the Special Liquidation of IBRC.
A summary of the professional and legal fees, including rebates received, up to year-end 2014 are available in the Special Liquidator update report of March 2015 (a copy of which is available on the Department of Finance website).
