Vol. 412 No. 5
67 Mr. Gilmore asked the Minister for Finance the total cost to the Exchequer, up to the latest date for which figures are available of (1) legal and (2) consultancy and (3) brokers' fees arising from the privatisation of Irish Life; if he will list the names of each company concerned and the amounts paid; if further costs are expected; and if he will make a statement on the matter.
To date, £6,707,000 including VAT has been paid or authorised for payment by my Department, in connection with the restructuring and flotation of Irish Life plc. Of this amount: 1. £409,000 was in respect of legal fees; 2. £983,000 was in respect of fees for financial and actuarial advice; 3. £4,870,000 was in respect of underwriting and subunderwriting of the shares, including the broker's commission; 4. £445,000 was in respect of the fee for the receiving agents, out-ofpocket expenses incurred by all the advisers, and other costs.
Further costs, totalling £700,000 approximately are being processed within my Department. These include some additional items under the above headings and the Department's share of marketing and printing costs which are being borne jointly with the company. I expect that the total costs of the restructuring and flotation including VAT will not exceed £7.5 million.
It would not be appropriate to indicate amounts paid to individual firms. However, the principal firms to whom payments were made and the services provided were as follows:
|
Goldman Sachs |
Joint financial adviser |
|
International Limited |
International Lead Manager Sponsor and agent to the issue |
|
NCB Corporate |
Joint financial adviser |
|
Finance Limited |
Brokers to the issue |
|
NCB Stockbrokers Limited |
Sponsor and agent to the issue |
|
A & L Goodbody |
Irish legal advisers |
|
Slaughter & May |
UK legal advice |
|
Sullivan & Cromwell |
US legal advice |
|
Freshfields |
Legal advisers to the Underwriters |
|
Craig Gardner |
Receiving agents |
|
R Watson & Sons |
Actuarial advisers |
