Spending watchdog adds up total cost of bailout to the State

Spending watchdog adds up total cost of bailout to the State

The total cost to the State of the bailout has been revealed as €60bn.

Spending watchdog, the Comptroller and Auditor General, says servicing that includes €9bn in borrowing to meet interest payments.

Meanwhile, the Exchequer has recovered more than €5bn from selling stakes in banks - while winding up Nama is expected to yield about €1bn.

The Comptroller found that the cost of consultants and legal advisers during the bank recapitalisation programme came to €149m paid out by the state to 19 firms.

Among the payments were €33m to law firm Arthur Cox, €23m to Blackrock Financial Management, €21m to Ernst and Young, and €13m to KPMG.

Payments below the €10m mark included €9m to Goldman Sachs, €8m to PricewaterhouseCoopers, €7m each to Merrill Lynch and NM Rothschild & Sons, and €5m to Boston Consulting Group.

The biggest payments were by the Central Bank – €23m to Blackrock and €21m to Ernst and Young.

Spending watchdog adds up total cost of bailout to the State

The Department of Finance had one single bill of €19m to Arthur Cox.


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