DOCUMENTATION RELEASED by the Public Accounts Committee shows the depth of the involvement of Arthur Cox solicitors in the Government’s handling of the banking crisis.
Invoices for a total of €3.37 million submitted in 2008 and 2009 were released, as well as an extensive summary of the work done for the 2008 payment.
An invoice for a much smaller amount from PricewaterhouseCoopers was also released by the committee.
A civil servant in the Department of Finance wrote “fair and reasonable” on these invoices when approving them.
Arthur Cox sent three invoices to the department on the last day of April 2009.
One, for €426,222, was for work on the bank guarantee scheme and its extension.
A second, for €476,305 was for work on the National Assets Management Agency and the recapitalisation of AIB and Bank of Ireland.
A third, for €1,351,635, was for work on the nationalisation of Anglo Irish Bank. All three invoices involved an 8 per cent discount on work done in March and April, 2009. The total saving involved was in excess of €54,000. The summaries accompanying the invoices were not released by the committee.
A December 2008 invoice for work on the bank guarantee was for €1,120,377 and was accompanied by a lengthy commentary.
The issues covered included attendance at meetings in September 2008 with the department, the Office of the Attorney General, Nama and with other advisers, in relation to the Credit Institutions (Financial Support) Act.
As well as working on the legislation the solicitors also attended the Dáil debate on the measure and gave advice in relation to Opposition proposals.
They also worked with the same parties on the guarantee scheme, which the note indicates they drafted in consultation with the department, the AG’s office, National Treasury Management Agency, Merrill Lynch, other advisers and “interested parties”.
They worked on the Dáil speaking notes of Minister for Finance Brian Lenihan and attended the Dáil debate.
The solicitors also gave advice on the department’s dealings with the European Commission in relation to the guarantee.
After the introduction of the scheme the legal firm drafted a market notice published by the department and gave advice in relation to subsequent parliamentary questions.
Two March 2010 invoices for a total of €118,580 from PwC are for work on the business plans of AIB, Bank of Ireland and Anglo, as well as on promissory notes.
A covering note says the work was done between December 2009 and March 2010 and the costs were “well in excess” of the invoiced amount.
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