Oireachtas Joint and Select Committees

Thursday, 17 November 2022

Public Accounts Committee

2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund

9:30 am

Mr. Des Carville:

We have been very proactive in that space with publishing nine update reports. To date, the liquidator fees plus legal fees are €300 million. We estimate that, between now and the end of the liquidation at the end of 2024, there is probably another €16 million to €20 million left in fees. As can be imagined, selling very large loan books is an expensive exercise. We have also included headcount numbers in the update reports, so it can be seen how, from the time of the liquidation, when, from memory, 300 or 400 people, between the bank and liquidators, were working on the liquidation, we are certainly down to considerably fewer than 30 people working on it currently. One can see that tailing off, and obviously the costs tail off accordingly.