79 Nama-appointed receivers cost €21.3m

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 Minister for Finance Michael Noonan show that Nama has appointed 79 receivers to date in 2013, with the firms receiving €21.3m in fees from the agency. This represents a 15% increase on the €18.5m paid out to 63 Nama- appointed receivers in 2012.

In a written Dáil reply to Fianna Fáil’s Finance spokesman Michael McGrath TD, Finance Minister Michael Noonan said: “Nama advises to the end of November 2013, a total of 350 receiver appointments have been made.

“Since 2010, Nama has selected 52 separate firms in respect of its 159 appointments and the participating institutions (PIs) 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 Nama fell sharply this year, totalling €4.7m for the first six months, compared to €19.9m for all of 2012.

In a separate written Dáil reply to Fine Gael TD Michelle Mulherin, Mr Noonan confirmed that €2.4m was spent in portfolio management fees in the first six months of this year, compared to €6.8m and €15.9m for the full-year in 2012 and 2011 respectively.

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.


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