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Firms working Nama's 2013 receiverships get £17.8m


Michael Noonan

Michael Noonan

Michael Noonan

The fallout from the property crash has proven to be an even larger bonanza for firms appointed by Nama as receivers this year.

New figures released by Finance Minister show that Nama has appointed 79 receivers to date in 2013, with them receiving £17.8m (€21.3m) in fees.

This is a 15% increase on the £15.4m (€18.5m) paid to 63 Nama receivers in 2012.

"Nama advises to the end of November 2013 that a total of 350 receiver appointments have been made," Mr Noonan said in a Dail reply to Fianna Fail finance spokesman Michael McGrath.

"Since 2010, Nama has selected 52 separate firms in respect of its 159 appointments and the participating institutions have engaged 48 separate firms in respect of their 191 appointments."

The figures show that while firms engaged in receiverships enjoyed increased income from Nama this year, payments to other consultants working for the agency declined sharply, totalling £3.9m for the first six months compared with £16.6m for 2012.

Mr Noonan added in another reply that £2m was spent by Nama in portfolio management fees and this compared with £5.6m and £13.3m in 2012 and 2011. Legal fees paid out by the agency for the first half of this year total £511,932, compared to £3.8m and £7.9m for 2012 and 2011. And no costs were incurred for legal due diligence, loan valuation costs and property due diligence throughout 2013.

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