Friday 23 February 2018

Central Bank's legal spend jumps 23pc to €3.2m

Central Bank headquarters in Dublin
Central Bank headquarters in Dublin

Gordon Deegan

The Central Bank spend on third party legal services rose by 23pc to €3.2m last year - or a weekly average spend of €61,538.

New figures provided by the Central Bank show that Arthur Cox received fees between €1.5m and €2m last year.

In relation to 2014, McCann Fitzgerald received fees of between €900,000 and €1m while Mason Hayes and Curran received fees between €200,000 and €300,000.

Byrne & Wallace and barrister Ailbhe O'Neill received fees between €100,000 and €200,000.

One firm, McCann Fitzgerald, received fees of between €1.5m and €2m.

A major driver of fees earned by McCann Fitzgerald is the firm's work on Central Bank's new €140m HQ with the bank recently confirming that the firm has received €678,993 on legal services around the project.

A Central Bank spokeswoman said the factors behind the 2014 overall increase "were due to defences on behalf of the bank in litigation proceedings and judicial review proceedings".

In respect of the 2014 Arthur Cox fees, she said that the firm's litigation work included "judicial review proceedings and credit union resolutions".

Irish Independent

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