Monday 20 November 2017

Receivers hired by NAMA this year earn bumper €21.3m in fees

Michael Noonan
Michael Noonan
Finance Minister Michael Noonan

Gordon Deegan

THE fallout from the property crash has proven to be an even larger bonanza for firms appointed by NAMA as receivers this year.

New figures released by Finance Minister Michael Noonan show that NAMA has appointed 79 receivers to date in 2013, with the firms receiving €21.3m in fees.

This represents a 15pc increase on the €18.5m paid out to 63 NAMA-appointed receivers in 2012.

"NAMA advises to the end of November 2013 that a total of 350 receiver appointments have been made," Mr Noonan said in a written Dail reply to Fianna Fail finance spokesman Michael McGrath.

"Since 2010, NAMA has selected 52 separate firms in respect of its 159 appointments and the participating institutions have engaged 48 separate firms in respect of their 191 appointments."

The figures show that while firms engaged in receiverships enjoyed increased income from NAMA this year, payments to other consultants working for the agency declined sharply, totalling €4.7m for the first six months compared with €19.9m for the entire of 2012.

PAYMENTS

Mr Noonan added in another reply that €2.4m was spent by NAMA in portfolio management fees and this compared with €6.8m and €15.9m under the same heading in 2012 and 2011.

Legal fees paid out by the agency for the first half of this year total €612,000, compared to €4.6m and €9.4m under those headings for the entire of 2012 and 2011.

The figures show that no payments relating to legal due diligence, loan valuation costs and property due diligence took place in 2013.

Irish Independent

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