Michael McGrath (Cork South Central, Fianna Fail)
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288. To ask the Minister for Finance the total professional fees paid to a firm (details supplied) advising on the sale of the National Asset Management Agency’s Northern Ireland portfolio; if the agency was satisfied with the quality of the advice received; and if he will make a statement on the matter. [28789/15]

Michael McGrath (Cork South Central, Fianna Fail)
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289. To ask the Minister for Finance the total professional fees incurred by the National Asset Management Agency in the course of the sale of its Northern Ireland loan book; and if he will make a statement on the matter. [28790/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 288 and 289 together.

I am advised by NAMA that Lazard was engaged by NAMA in January 2014 to assess market interest in, advise on and manage the sale of NAMA's Northern Ireland debtor loan portfolio. I am further advised that the portfolio was sold in April 2014 for an amount in excess of NAMA's reserve sales price, which was set by reference to the net present value of NAMA's projected cashflows from this portfolio over a medium-term horizon. The portfolio was sold following an open competitive sales process involving nine parties which included some of  the world's largest investment groups. 

I am further advised by NAMA that it incurred loan sale broker fees payable to Lazard of €5.4m, which equates to less than 0.5% of the final sales price on the sale of the Northern Ireland debtor loan portfolio. 

Finally I am advised that, inclusive of legal fees and the loan sale broker fee outlined above, NAMA incurred total transaction costs of €9 million, or 0.7% of the final sales price.