Nama’s legal bill reaches €51.5m

Nama has spent €51.5m on legal fees since it was set up but expects to recoup €36.16m of this from property developers.

In a response to a parliamentary question by Sinn Féin’s Gerry Adams, Finance Minister Michael Noonan laid out the legal costs incurred by Nama and the firms to whom they were paid. This year alone Nama has incurred costs of nearly €8.5m up to Jun 30 that the bank expects to be able to recoup from developers, a huge number of whom are bankrupt.

Mr Noonan said that where a developer is unable to repay the agency, their legal costs the bill will be added to a developers’ loans.