Pearse Doherty (Donegal, Sinn Fein)
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133. To ask the Minister for Finance the amount of annual management fees on apartments and the amount overdue by each State backed bank. [14307/16]

Michael Noonan (Limerick City, Fine Gael)
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As the deputy will be aware, I have no role in the day-to-day running of the banks in which the State is a shareholder. These institutions are run on an independent and commercial basis and the details of the formal relationship between my Department and these institutions are set out in the respective Relationship Framework Agreements, which can be found via the following links.

AIB: http://finance.gov.ie/sites/default/files/Allied-Irish-Banks1.pdf 

PTSB:

BOI:

However, my officials requested and received comment from each of the banks in which we have a stake, on the question raised by the deputy.

AIB have informed me that for commercial reasons they do not disclose the amount of management fees payable. However, they advise that it is AIB's policy to appoint managing agents to assets in the ownership of the bank, and all appointed agents are instructed to ensure all fees - including management fees - associated with the relevant properties are discharged in a timely and appropriate manner.

PTSB have advised that in the case of apartments in possession, the bank discharges management fees owing only on completion of any sale. On average in 2015 there was €6,353 due in the form of management fees per apartment sold. This includes fees owing from the original owner and from the bank which is responsible for management fees incurred from when possession occurs. PTSB have also advised that on taking possession of a property the bank will place the unit on the market for sale once clear marketable title is confirmed by the conveyancing solicitor and the selling agent has advised that the property is ready for marketing. Once an offer has been accepted the bank will seek to close the sale in a timely manner.

Bank of Ireland advise that the information requested is not disclosable, but that Table 5a on page 370 of Bank of Ireland's annual report for 2015 provides details of properties in possession at December 31 2015 from Bank of Ireland's Irish mortgage loan book.