NAMA Receivers

Wednesday, 4 July 2018

Ceisteanna (172)

Pearse Doherty

Ceist:

172. Deputy Pearse Doherty asked the Minister for Finance the amount paid to receivers by NAMA to date and by year; the fees received by each receiver to date in tabular form; and if he will make a statement on the matter. [29483/18]

Amharc ar fhreagra

Freagraí scríofa

Minister for Finance

I 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, very competitive fixed-fee rates were achieved relative to prevailing market norms.

I am 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 would also refer the Deputy to Section 10 of the NAMA Act which obliges NAMA to obtain the best achievable return for the State. NAMA’s preference is to work on a consensual basis with debtors so as to maximise the return from their assets. In instances where a receiver has been appointed over a debtor’s assets, it is often due to the debtor’s unwillingness to co-operate with NAMA. Upon appointment, a receiver takes control of the debtor’s assets and any income produced by them. The receiver’s legal obligation to maximise the return on the assets aligns well with NAMA’s Section 10 requirements.

The fees approved by NAMA to receivers for their work on NAMA-secured assets from inception to end-June 2018 are outlined in the table attached. This includes fees approved to receivers who were appointed to assets prior to the acquisition of the related loans by NAMA.

Insolvency Practitioner fees approved from inception to 30 June 2018

Insolvency Practitioner	IP Fees 2010 €	IP Fees 2011 €	IP Fees 2012 €	IP Fees 2013 €	IP Fees 2014 €
Alder King	-	-	-	-	-
Allsop	-	450,000	-	7,130	543,661
Bannon Commercial	-	3,750	15,000	114,165	84,553
BDO	21,500	480,193	298,600	663,442	842,086
BDO UK	105,148	521,461	835,615	513,958	442,101
Begbies Traynor	64,034	209,382	216,765	194,017	184,932
BNP/Allsops	-	-	-	-	2,360
BTW Shiells	-	60,756	33,197	2,084	64,487
Capita Symonds	-	45,232	40,906	-	-
Cavanagh Kelly	-	-	18,333	8,380	3,624
CBRE	888	130,188	117,332	7,500	7,500
CBRE UK	-	-	66,375	22,383	99,767
Chantrey Vellacott	-	16,667	36,553	94,297	218,460
Colliers	-	-	-	13,100	9,850
Colliers UK	-	-	10,030	3,186	-
Cordes & Co	-	-	43,395	66,276	-
Crowe Howarth	-	55,333	151,534	372,003	690,623
Cushman Wakefield (UK)	-	-	3,403	3,321	-
CVR Global	-	-	-	-	-
Deloitte	744,426	658,233	796,291	807,017	1,004,876
Deloitte (UK)	-	90,730	84,333	77,880	123,711
Douglas Newman Good	-	-	4,166	77,083	68,750
Dr Peter Minuth (Piepenburg Geerling)	-	-	-	-	84,000
DTZ	-	7,380	62,730	46,780	38,500
DTZ - Now CBRE	-	-	2,500	2,500	2,500
Duff & Phelps	5,222	983,992	1,155,898	1,482,497	1,867,732
Duff & Phelps LLP	-	-	-	359,671	1,298,686
EY	12,220	449,927	967,073	1,066,075	921,950
EY UK	-	93,810	31,860	27,730	-
Eddisons	-	-	-	-	4,167
Edward Symmonds/LSH	-	-	28,882	23,193	30,348
Edward Symmons	-	-	39,648	41,421	15,933
Ferris & Associates	28,466	587,748	359,305	488,193	210,393
Friel Stafford	-	-	24,000	105,498	100,130
FRP Advisory	-	-	156,755	20,000	337,329
Ganly Waters	-	43,520	121,300	8,400	41,850
Grant Thornton	135,159	1,566,113	2,023,534	2,414,292	2,474,273
Grant Thornton (UK)	-	1,236,387	1,111,038	1,637,269	735,653
GVA Bilfinger	-	-	-	-	-
GVA Donal O'Buachalla	-	3,100	98,875	180,652	297,801
GVA Grimley	-	378,246	141,756	63,914	192,851
HBC	-	19,568	17,266	4,316	-
Hooke & McDonald	-	-	-	30,565	32,545
Hughes Blake	-	-	66,550	368,992	328,987
HWBC	-	-	188,625	215,396	175,000
HWBC Allsop	-	-	-	-	10,040
Irvine Nott	-	-	-	-	5,900
Johnston Carmichael	-	-	70,800	64,900	18,880
Jones Lang LaSalle	-	12,980	89,160	109,160	135,623
Keenan Corporate	-	153,410	310,223	297,760	199,273
Knight Frank	-	-	-	9,600	6,000
KPMG	106,666	1,292,726	1,838,161	2,164,172	1,859,413
KPMG UK	-	598,702	1,603,370	726,064	326,875
LSH (previously BTW Sheils)	95,808	95,808	95,808	107,577	84,730
Lisney	-	-	222,455	275,897	162,212
Mason Owen Lyons	-	-	32,000	35,500	37,400
Mazars	328,953	638,878	802,500	1,002,295	1,622,067
McKeogh Gallagher Ryan	-	178,129	238,199	397,162	618,567
McPeake Auctioneers	-	-	-	3,700	17,800
McStay Luby	148,753	560,745	274,374	266,174	296,645
Moore Stephens Nathans	-	-	-	-	-
Moorefield
O'Connor Pyne & Co Limited	-	-	-	-	-
O'Dwyer Property Management	-	-	155,915	146,021	157,088
Osborne King	-	6,136	6,313	2,974	10,195
PKF O'Connor Leddy Holmes	-	-	-	-	7,000
PKF/BDO UK	-	-	28,615	341,020	-
PwC	307,466	911,769	1,294,498	1,581,837	1,395,919
PwC UK	-	289,882	334,908	340,710	54,785
RSM Ireland	-	896,382	589,137	656,992	572,705
RSM McClure Watters	-	268,680	156,553	253,009	274,534
RSM UK	-	1,061,641	1,433,372	949,933	733,088
Russell Brennan Keane	-	17,755	37,457	77,022	163,067
Savills	-	283,324	372,531	378,453	225,667
Smith Williamson	-	-	103,610	270,049	411,936
SPW UK	-	52,794	50,698	43,056	2,778
WK Nowlan	-	63,985	41,200	36,630	90,678
Total	2,104,709	15,475,442	19,551,278	22,172,243	23,082,832

Insolvency Practitioner	IP Fees 2015 €	IP Fees 2016 €	IP Fees 2017 €	IP Fees 2018 €	Total IP Fees €
Alder King	8,502	-	-		8,502
Allsop	105,750	95,000	-		1,201,541
Bannon Commercial	56,450	46,725	-		320,643
BDO	1,023,692	580,840	399,875		4,310,228
BDO UK	135,443	53,700	-		2,607,426
Begbies Traynor	77,470	2,250	-		948,850
BNP/Allsops	-	-	-		2,360
BTW Shiells	-	-	-		160,524
Capita Symonds	-	-	-		86,138
Cavanagh Kelly	-	-	-		30,337
CBRE	938	-	-		264,346
CBRE UK	-	-	-		188,525
Chantrey Vellacott	-	-	-		365,977
Colliers	-	-	-		22,950
Colliers UK	-	-	-		13,216
Cordes & Co	-	-	-		109,671
Crowe Howarth	780,285	602,154	304,340	156,900	3,113,172
Cushman Wakefield (UK)	-	-	-		6,724
CVR Global	-	16,667	98,333		115,000
Deloitte	1,046,985	1,183,144	1,482,213	1,475,049	9,198,234
Deloitte (UK)	441,646	-	-		818,301
Douglas Newman Good	75,834	35,000	-		260,833
Dr Peter Minuth (Piepenburg Geerling)	504,000	-	-		588,000
DTZ	33,210	-	-		188,600
DTZ - Now CBRE	-	-	-		7,500
Duff & Phelps	1,960,975	957,820	875,211	152,925	9,442,272
Duff & Phelps LLP	-	-	-		1,658,357
EY	1,094,314	396,395	283,683	220,000	5,411,637
EY UK	-	-	-		153,400
Eddisons	9,108	-	-		13,275
Edward Symmonds/LSH	13,335	-	-		95,758
Edward Symmons	14,750	5,940	-		117,692
Ferris & Associates	144,720	60,000	10,000		1,888,825
Friel Stafford	78,983	40,944	32,850		382,405
FRP Advisory	143,565	-	-		657,649
Ganly Waters	2,625	12,810	7,691		238,197
Grant Thornton	2,227,772	1,387,202	2,014,908	778,613	15,021,866
Grant Thornton (UK)	184,897	-	-		4,905,244
GVA Bilfinger	-	30,000	-		30,000
GVA Donal O'Buachalla	254,379	106,986	75,855	15,290	1,032,938
GVA Grimley	32,353	9,540	-		818,659
HBC	-	-	-		41,150
Hooke & McDonald	27,091	-	-		90,201
Hughes Blake	313,276	136,306	20,938	11,940	1,246,989
HWBC	364,500	320,000	278,000		1,541,521
HWBC Allsop	24,133	-	-		34,173
Irvine Nott	-	-	-		5,900
Johnston Carmichael	-	-	-		154,580
Jones Lang LaSalle	95,000	37,000	-		478,923
Keenan Corporate	71,971	22,868	-		1,055,505
Knight Frank	15,000	-	-		30,600
KPMG	1,748,573	832,083	297,875		10,139,670
KPMG UK	211,970	146,025	-		3,613,006
LSH (previously BTW Sheils)	105,445	2,950	-		588,126
Lisney	120,550	80,000	70,000	76,670	1,007,784
Mason Owen Lyons	37,370	18,265	-		160,535
Mazars	1,639,495	1,259,861	1,263,418	361,142	8,918,609
McKeogh Gallagher Ryan	653,116	313,771	165,721	18,000	2,582,665
McPeake Auctioneers	14,780	-	-		36,280
McStay Luby	348,254	475,773	560,725	143,795	3,075,238
Moore Stephens Nathans	42,515	-	-		42,515
Moorefield				11,000	11,000
O'Connor Pyne & Co Limited	21,125	-	-		21,125
O'Dwyer Property Management	175,535	136,690	116,272	108,273	995,794
Osborne King	-	-	-		25,618
PKF O'Connor Leddy Holmes	5,691	-	-		12,691
PKF/BDO UK	-	-	-		369,635
PwC	893,638	671,308	482,529	185,250	7,724,214
PwC UK	-	-	-		1,020,285
RSM Ireland	879,937	624,815	825,946	871,706	5,917,620
RSM McClure Watters	85,330	-	-		1,038,105
RSM UK	602,703	216,936	85,271	9,272	5,092,215
Russell Brennan Keane	420,036	448,165	481,185	151,660	1,796,346
Savills	195,000	162,500	152,703	9,000	1,779,178
Smith Williamson	384,188	138,980	24,302	15,023	1,348,088
SPW UK	-	-	-		149,326
WK Nowlan	39,577	-	-		272,070
Total	19,987,779	11,667,413	10,409,844	4,771,508	129,223,047