Business Irish

Tuesday 21 November 2017

Department of Finance spend on consultants tops €1.89m

Department of Finance, Merrion Street, Dublin.
Department of Finance, Merrion Street, Dublin.

Gordon Deegan

The Department of Finance's spend on consultants last year topped €1.898m, new figures show.

Arthur Cox received €824,247 for legal advice on restructuring of Irish banking system, related litigation and further emerging issues, according to the Department's figures.

The second largest amount went to the ESRI which received €122,834 for 'Research: Financing SMEs in Recovery: Evidence for Irish Policy Options'.

Others to receive fees in excess of €100,000 include RED C which received €117,957 for AIB and BOI Red C Surveys and professional services in relation to the SME lending survey while Indecon received €103,689 for a review on agricultural taxation.

The Department said it has been able to recoup €975,050 in relation to the stabilisation of the banking sector and €117,967 from the AIB and the Bank of Ireland on the Red C Surveys.

Other firms to receive significant fees last year include Deloitte which received €97,935 for advice relating to litigation and Matheson which received €79,950 for legal advice in relation to the banking sector while Storm Technology received €75,121 for IT consultancy work.

The spend last year was sharply down on 2013, when €3.3m was spent.

The bill for consultants in 2012 was higher again at €3.59m; €1.67m in 2011, €4.92m in 2010, €6.1m in 2009 and €2.2m in 2008.

During that 2008 to 2013 period, the Department was able to recoup €7.8m in fees.

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