Of the €103m spent, the State recouped €85.4 from the banks – leaving a net cost of €18.1m
The State has spent €103m on consultancy fees in relation to the banking crisis since the Government came to office.
The figures were released in a Dáil reply to Fianna Fáil’s finance spokesman Michael McGrath by Finance Minister Michael Noonan.
The State recouped €85.4 from the banks – leaving a net cost of €18.1m.
The figures show the biggest spender was the Central Bank which incurred costs of €75m since 2011.
The bulk related to recapitalising Irish banks and stress tests.
Advice on the liquidation of IBRC cost €1m.
The Central Bank recovered all the costs either directly from the Irish banks or from a levy on the banking industry.
It did not list the names of the consultants it hired.
The Department of Finance spent a total of €5.8m. It recouped €2.4m from the banks.
The bulk of the Department’s spending was on legal advice. It paid €4.6m to law firm Arthur Cox and €1m to legal practice Matheson.
The National Treasury Management Agency spent €22.7m on consultancy and recouped €8m from the banks.
The biggest consultancy payments were to merchant bank Goldman Sachs which was paid €9.1m, Arthur Cox received €7.6m and management consultants McKinsey was paid €4.4m.
In a statement Michael McGrath said the spending showed an “extraordinary over-dependence on consultants and lack of expertise within the Department of Finance, the NTMA and the Central Bank.”
He added a more selective use of consultants would reduce costs and help create a greater focus on accountability.
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