Joe Carey (Clare, Fine Gael)
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Question 499: To ask the Minister for Finance if he will outline the framework used to determine the provision of professional and associated fees of €2.48 billion in the National Asset Management Agency business plan; and if he will make a statement on the matter. [33454/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The purpose of NAMA is to obtain the best achievable financial return for the State and cost containment is and will be a key objective of the Board. I assume the figure the Deputy refers to is a reference to the €2.64bn that was forecast in NAMA's draft Business Plan last October. These were indicative figures and were estimated before conclusion of tendering processes for the various services required by NAMA. These costs have since been reviewed by the NAMA Board and the estimate provided in the draft Business Plan has been revised to €1.6bn in the most recent Plan published on 30th June 2010.

This reduction in costs has been substantial and reflects the very competitive pricing submitted as part of the various tenders. Details in relation to the breakdown of these fees will be published in the NAMA quarterly reports. I am advised by NAMA that fees payable by NAMA will be approximately €215m for 2011 and are expected to decline significantly as the portfolio reduces.