Belfast Telegraph

Cost of fees for NAMA receivers rises by £6m

By Gordon Deegan

New figures show that receivers last year secured a five-fold increase in fees for their work on National Asset Management Agency-related assets.

According to the Republic's Finance Minister Michael Noonan, the costs to NAMA of appointing receivers to NAMA-related properties increased from €2m (£1.6m) in 2010 to €10.3m (£7.8m) last year.

Mr Noonan said that NAMA appointed 35 receivers in 2011 and this followed the agency appointing 58 receivers in 2010.

Mr Noonan confirmed that 19 receivers have been appointed by NAMA to date this year.

In a written parliamentary response to Fianna Fail's finance spokesman, Michael McGrath, Mr Noonan said: "I am advised by NAMA that fees are not paid to receivers directly by banks or NAMA, rather they are paid out of the proceeds of assets under receivership or the management there of pending realisation."

Mr Noonan said that the numbers of receivers appointed by participating institutions, including AIB, Bank of Ireland and the Irish Bank Resolution Corporation (IBRC) was 79 in 2010, 38 in 2011 and six in 2012.