Written answers

Tuesday, 4 October 2011

Department of Finance

Departmental Expenditure

8:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 194: To ask the Minister for Finance the amount that has been paid to each of the following firms (details supplied) for professional services on the banking crisis since 2008 including any amounts, shown separately, paid by his Department, the Central Bank of Ireland, the National Treasury Management Agency and the National Pensions Reserve Fund, or by the covered institutions themselves. [27585/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Deputy has requested information in relation to payments made by the Department of Finance, the Central Bank, the NTMA and the NPRF to a number of firms. It is not possible to provide all this information in a short time frame. I have however requested this information from the relevant bodies and will send it to the Deputy shortly.

I can however inform the Deputy that my Department has made the following payments for professional services on the banking crisis since 2008.

Consultant200820092010To August 2011Description of advice provided
Mercer (Ireland) Ltd.-€3,308--Advice to CIROC
Watson (Wyatt) Ltd.-€7,290--Advice to CIROC
Hay Group Ireland Ltd.-€4,860--Advice to CIROC
Arthur Cox Solicitors€1,628,024€4,173,689€4,804,884.17€693,179.42Legal advice in relation to the Bank Guarantee Scheme; Eligible Liabilities Guarantee (ELG), recapitalization and restructuring issues; general banking advice.
Pricewaterhouse Coopers€118,580Professional Fees in respect of accounting advice on promissory notes.

The financial institutions covered by the State Guarantee use consultants in respect of many aspects of their operations. The Department of Finance does not compile a list of these consultants. I do however expect the banks to continue to control and reduce their cost base and ensure that they achieve value for money when engaging consultants.

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