Written answers
Tuesday, 4 October 2011
Department of Finance
Departmental Expenditure
8:00 pm
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context
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]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context
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.
Consultant | 2008 | 2009 | 2010 | To August 2011 | Description 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 | €693,179.42 | Legal advice in relation to the Bank Guarantee Scheme; Eligible Liabilities Guarantee (ELG), recapitalization and restructuring issues; general banking advice. |
Pricewaterhouse Coopers | €118,580 | Professional 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.
No comments