Dáil Éireann Debate, Wednesday - 1 February 2012
42 Deputy Aengus Ó Snodaigh asked the Minister for Finance if he is engaging any external professional advice or services related to the ongoing negotiations on the Anglo Irish promissory note; the names of the companies or persons involved; the cost of these services; and who is covering the costs of these services. [5662/12]
Amharc ar fhreagraAs the Deputy is aware discussions in relation to the Promissory Notes have been on-going for some time. These discussions are part of the overall restructuring of the banking sector. In the year 2011 the following external advisors have been engaged to provide support. Up to the end of December 2011 the costs were borne by the National Treasury Management Agency. From 2012 onwards costs associated with bank restructuring/shareholding management will generally be borne by the Department of Finance. McKinsey & Company was engaged by the NTMA on 16 May 2011 until 31 December 2011 as external adviser on bank restructuring, to ensure a timely, efficient and effective process, and to review the proposals for merger and integration and related matters. A fixed fee, including expenses, of €2.75m was agreed for the engagement.
The McKinsey & Company engagement has been extended for a further number of weeks in relation to the on-going discussions on funding options for IBRC (including promissory note) and related matters. This further engagement will be paid for by my Department.
