State Street earned €800k NTMA fees after fraud discovered

State Street bank earned up to €800,000 in management fees from the National Treasury Management Agency (NTMA) after it was uncovered that the company had defrauded the State to the tune of €3.2m.

At a hearing of the Parliamentary Accountants Committee, Fine Gael’s Kieran O’Donnell said that State Street had been “looking to take the Irish State for a bit of a mug”.

Under questioning from Mr O’Donnell, it was revealed that the bank had earned between €300,000 and €400,000 a year in management fees from the NTMA while it awaited the outcome of the UK’s Financial Conduct Authorities (FCA) investigation.