John McGuinness (Carlow-Kilkenny, Fianna Fail)
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136. To ask the Minister for Finance the hourly rates being paid to the Irish Bank Resolution Corporation liquidator, and to the staff of same; the number of staff involved, and their pay grades; the estimated cost of the liquidation; and the discounts sought or received by him. [19596/15]

Michael Noonan (Limerick City, Fine Gael)
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Slide 61 of the Special Liquidators' Progress Update Report dated 12 March 2015, which is available on the Department of Finance website at , details the costs of the liquidation for the period 7 February 2013 to 31 December 2014.

KPMG rates are based on NAMA negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by NAMA.

The rates agreed with the Special Liquidators for this assignment are as follows:

The number of staff working on the assignment has fluctuated over the course of assignment given various activity volumes as the loan sales progressed. The headcount requirement peaked at 330 staff from KPMG.  

Total fees of €76 million were paid to KPMG (KPMG Special Liquidator team: €71.4 million and KPMG migration team: €4.6 million) to 31 December 2014 of which approximately €4.5 million was recovered from NAMA.  In addition a rebate of €5 million was agreed with KPMG following discussions at the request of the Minister.