Nama pays fees of nearly €60m to receivership firms

The fallout from the property crash has proven to be a massive bonanza for firms engaged in receivership work concerning loans transferred to the National Asset Management Agency (Nama).

This follows Finance Minister Michael Noonan confirming that Nama has paid fees totalling €59.5m concerning 258 separate receiver appointments in Ireland.

The fees work out at on average €230,620 per receiver appointment for the lucrative work.

In his written reply to Independent TD, Mattie McGrath, Mr Noonan said: “Appointments have been made to both commercial entities and to specific properties across various sectors.

He said: “Nama advises that receiver appointments include those made prior to the acquisition of the loans by Nama.

“Receiver appointments by the participating institutions include appointments made since acquisition of the loans by Nama on assets and entities which continue to be managed by the institutions on behalf of Nama.”

Mr Noonan went on to say: “receivers appointed by Nama in Ireland control 770 residential properties, comprising single or multiple units, which are either vacant or rented, and 701 commercial properties — comprising single or multiple units”.

He said: “In the case of family homes, it is necessary to obtain court orders to secure control of the asset and I am advised that, to date, Nama receivers have sought and obtained court orders in just four cases.”

The minister confirmed that firms engaged in receivership work for Nama received over €21.3m in fees in the 11 months to the end of November 2013 and €18.5m in fees in 2012

This represents a 15% increase on the €18.5m paid out to 63 Nama-appointed receivers in 2012.