Bank crisis legal advice cost State €70m
Fees of some €70 million have been paid by Nama, the Department of Finance and two other State bodies for legal advice and services connected to the banking crisis.
An analysis of figures from the department, the National Treasury Management Agency, the National Pension Reserve Fund and Nama shows the State’s largest law firm Arthur Cox was paid some €32 million of this figure since 2008. The firm has provided advice on matters such as the bank guarantee, the restructuring and recapitalisation of the banks and the establishment of Nama.
The figures, provided in response to parliamentary questions from Sinn Féin TD Mary Lou McDonald, show that legal firms received payments of €39.4 million from Nama in the 2½ years to the end of June, the most up-to-date period for which data was available.
The Department of Finance paid out more than €17 million in legal fees between 2008 and the end of last year.
All but €245,000 of the figure related to the banking crisis and bailout.
The NTMA banking unit paid out some €9.5 million for advice on restructuring of the banking sector in a two-year period, and the NPRF paid out some €2.5 million for advice on bank stabilisation measures.