Dáil Éireann Debate, Wednesday - 3 February 2021
180. Deputy Catherine Murphy asked the Minister for Finance the amount paid by the National Asset Management Agency to firms carrying out receivership work for the agency in each of the years 2010 to 2020 and to date in 2021; and the individual amounts received by each named firm for its work for each year in tabular form. [5178/21]
View answerI am advised by NAMA that receivers appointed to NAMA-secured properties are selected from NAMA's insolvency service provider panel which was established following a competitive public procurement process. I am advised that, arising from this process, competitive fixed-fee rates were achieved relative to prevailing market norms.
I am further advised that, in general, fees are not paid to receivers directly by NAMA but are instead paid out of the proceeds of assets under receivership or the management of these assets, pending realisation. Fees for any particular insolvency are set by reference to the fees quoted by the insolvency practitioner as part of the public procurement process. All appointments are subject to on-going monitoring and evaluation and, in many cases, additional fee reductions are negotiated to ensure that fees are appropriate for the amount of work remaining on any given appointment. Typically fees reduce as the assignment progresses and the number of assets reduces by way of disposals or otherwise. However, this depends on the complexity of the insolvency and the issues that may emerge during its course.
I am advised that the attached table sets out receiver fees which have been approved in respect of the provision of insolvency services. The figures outlined are provisional and subject to change pending finalisation of fee approvals.
