Business Irish

Friday 9 December 2016

Nama paid €12m to loan manager over six months

Gordon Deegan

Published 02/10/2015 | 02:30

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.

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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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