Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context

Question 170: To ask the Minister for Finance if he will provide figures for the amount the National Treasury Management Agency is spending on advisers including lawyers, investment advisers and underwriters as part of the oversight of AIB, BOI, EBS and IL&P's capital raising efforts as agreed by him following the latest stress tests; the measures taken to ensure value for money with respect to this expenditure; and if he will make a statement on the matter. [18684/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

I am informed by the National Treasury Management Agency (NTMA) that it expects to recoup the external advisory fees associated with the NTMA Banking Unit's involvement in the oversight of the capital-raising exercise from the four financial institutions referred to in the question. These fees include costs associated with achieving burden-sharing with holders of subordinated debt together with costs in relation to the raising of additional capital. The NTMA appointed corporate finance advisors (Goldman Sachs) following a competitive tender evaluation process involving a number of corporate finance firms. Fees of up to €7.8 million may be payable to Goldman Sachs depending on the completion of transactions and performance. In addition, following a competitive tender evaluation process, the NTMA has in place a legal panel comprising A&L Goodbody, Arthur Cox and Matheson Ormsby Prentice from which to draw general legal services, at significantly discounted fees, required by the NTMA Banking Unit. These general legal services include the provision of legal services required as part of the oversight of the banks' capital-raising exercises.