Gerry Adams (Louth, Sinn Fein)
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Question 155: To ask the Minister for Finance if he will provide a detailed breakdown of the National Asset Management Agency's projected costs in 2012. [10875/12]

Michael Noonan (Limerick City, Fine Gael)
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The NAMA annual statement, which was produced in September, 2011 projected costs for the year in the region of €242 million. This was based on a preliminary review carried out in September 2011. A further more detailed review was carried out in December/January based on the costs outturn for 2011. Taking this information into account, it is projected that annual costs in 2012 will be €194m. I am advised by NAMA that most of the difference is explained by the Agency's review of projected insolvency costs which are now expected to be substantially less than originally expected. The detail of the projected costs for the Agency for 2012 is set out in the following table.

NAMA Direct expenses €m

Primary servicer/master servicer fees 75

Legal fees 25

Reimbursement to NTMA as service provider 44

Accounting/audit fees 2

IT/MIS costs 2

Miscellaneous costs 13

Total direct expenses 161

NAMA Indirect expenses

Recovery/insolvency costs 33

Total projected expenditure 194