IBRC Liquidation

Tuesday, 9 June 2015

Questions (286)

Lucinda Creighton

Question:

286. Deputy Lucinda Creighton asked the Minister for Finance further to the appearance of a person (details supplied) at the Committee of Public Accounts on 14 May 2015, where the person indicated that they had the fee rates set by the contract with the special liquidator for conducting the review into the Irish Bank Resolution Corporation transactions post-nationalisation of the bank, if he will provide an estimate of those fees; and a breakdown of those fees, in tabular form, as promised by this person at the committee hearing, namely, the hourly rates, the charge-out rates for the different categories of staff, the numbers working on the job, and the cost per week; and if he will make a statement on the matter. [21238/15]

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Written answers

Minister for Finance

As announced last week, the transaction review which the Special Liquidators were directed to conduct has been replaced with a Commission of Investigation, therefore the question posed by the Deputy is no longer applicable.

However, I can confirm that the hourly rates agreed with the Special Liquidators for the liquidation of IBRC are:

Grade	Rate Per Hour (excluding VAT)
Partner	€295
Director	€260
Associate Director	€220
Manager	€190
Supervisor	€165
Senior Accountant	€165
Semi-senior accountant	€165
Junior accountant	€95

These rates are based on NAMA negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by NAMA.

As the review by the Special Liquidator is now being replaced with a Commission of Investigation, it will be for the appointed judge to determine the type and level of resource required to achieve the aims of the investigation.