Friday 24 February 2017

Nama paid €12m to loan manager over six months

Gordon Deegan

Brendan McDonagh,Chief Executive of NAMA
Brendan McDonagh,Chief Executive of NAMA

A low-profile finance firm, Capita Asset Services Ireland, is the big winner in Nama's payout for professional services in the first six months of this year.

According to information released by Nama in response to an FOI request, Nama has paid out €13.46m to Capital Asset Services (Ireland) Ltd between January and June of this year.

In total, Nama paid out €33.8m for professional services for the first six months of 2015.

The figures show that the largest pay-out was to firms managing Nama's loan book with Capita Service Asset Services (Ireland) Ltd receiving €11.9m for primary servicer work between January and June this year.

Capita Service Asset Services received an additional €678,000 through master servicer fees that are secured for enforcing loan documents and €874,000 for portfolio management fees.

The most recently filed accounts by Maynooth-based Capita Service Asset Services Ltd show that it recorded pre-tax profits of €3.9m as revenues climbed by 25pc to €23.78m in 2013.

The six directors who served for the firm - which is a subsidiary of Capita Plc - during the year received aggregate remuneration of €1.44m with the highest-paid director receiving €401,250.

During a year of rapid growth for the Irish unit, numbers employed by Capita Service Asset Services Ltd increased from 70 to 111. Staff costs topped €8.48m while the firm paid a dividend of €1.29m during the year.

Capita has said it will add 200 jobs in Ireland over the next two years and has been signed up to manage a State-backed €500m house building fund.

The Nama figures show that the agency paid out a total of €24.7m to firms or banks managing its loans during the period, AIB received €7.25m for its primary servicer work with the Irish Bank Resolution Corporation Ltd receiving €4.3m and Bank of Ireland receiving €1.2m.

In addition, Nama paid out €4.65m to firms managing various Nama portfolios. The figures show that the Bank of Ireland received €907,000 in portfolio fees with Aon Risk Solutions receiving €376,000; Ernst & Young receiving €330,000; Jones Lang Lasalle London receiving €239,000 and both Grant Thornton Corporate and BTG Global Risk Partners each receiving €156,000.

The figures show that Nama paid out €2.64m in legal fees with Beauchamps Solicitors receiving €380,000; A&L Goodbody Solicitors receiving €370,000; McCann Fitzgerald receiving €296,000, Byrne Wallace receiving €155,000, Ronan Daly Jermyn Solicitors receiving €123,000 and Lavelle Solicitors receiving €101,000.

Nama also confirmed that KMPG has received €293,000 for tax advice with PwC receiving €235,000 for internal audit work while the Office of the Comptroller and Auditor General received €550,000 for external audit work.

Irish Independent

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