Dáil Éireann Debate, Tuesday - 18 September 2012
287. Deputy Pearse Doherty asked the Minister for Finance following the publication on 25 July 2012 of the National Asset Management Agency report and accounts for the three months ending 31 March 2012, the reason the portfolio management fees booked during the quarter of €355,000 were so low compared with the annual budget for 2012 for receivers of €33 million. [38506/12]
Amharc ar fhreagraPortfolio Management Fees relate to the ongoing costs of managing the acquired loan portfolio, including fees incurred for the review of debtor business plans together with other fees relating to its portfolio management such as fees for valuations, asset searches, insolvency advice and ancillary property costs. Portfolio Management fees do not include costs relating to receivers appointed to NAMA debtors. These costs are deducted from proceeds realised from the receivership and disposal of the related property assets and, therefore, do not form part of NAMA's administration expenses but will impact on the Income statement as gains or losses on realisations. To end June 2012 receiver cost were €5.7 million.
