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.