Business Irish

Monday 15 July 2019

Receivership 'boom' as fees paid by NAMA hit €66m

The sale to the Central Bank of the Dublin site originally planned as Anglo Irish Bank's headquarters in 2013 was one of the most high profile by a Nama appointed reciever.
The sale to the Central Bank of the Dublin site originally planned as Anglo Irish Bank's headquarters in 2013 was one of the most high profile by a Nama appointed reciever.
Michael McGrath. Photo: Tom Burke

Gordon Deegan

Nama has paid €66m to receivers since it was set up in 2010, as the fall out from the property crash continues to prove a bonanza for insolvency practices.

So far this year the state agency has paid €18.27m in receivership fees.

According to figures provided by the Minister for Finance, Michael Noonan, the agency has paid out a total of €66m to receivers since it was established four years ago.

In a written Dail response to Michael McGrath, Minister Noonan confirmed that NAMA selected 68 firms from a panel after a public procurement process in respect of the 443 appointments.,

Those appointments exclude 67 made prior to NAMA's acquisitions of the loans.

Minister Noonan confirmed that NAMA has appointed 66 receivers to firms this year; made 101 appointments last year; 63 receiver appointments in 2012; 67 in 2011 and 79 in 2010.

The sale to the Central Bank of the Dublin site originally planned as Anglo Irish Bank's headquarters in 2013 was one of the most high profile by a Nama appointed reciever.

The Minister pointed out that the receiver fees are met out of receivership realisations.

Fianna Fail's Michael McGrath said that the Comptroller and Auditor General should examine the payments to receivers to determine "if the vast amounts of money being paid out to receivers represent value for money".

Irish Independent

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