A number of law firms have received hundreds of millions of euros. For example, gross fees to A&L Goodbody included over €36.8 million as well as another €306,000 for work carried out for the Commission of Investigation. Gross fees to Linklaters amounted to almost €20 million.
Millions of euros for other law firms
Other legal advisors have also received significant amounts including Arthur Cox which received gross fees of €5.68 million, €2.72 million to Byrne Wallace, €2.87 million to Maples and Calder and €2.76 million to Skadden, Arps, Slate, Meagher & Flom. IBRC was put into liquidation in early 2013 as part of a deal that involved the Government refinancing of the €31bn Promissory Note with the ECB.
KPMG biggest beneficiary
In the almost four years of the liquidation to the end of December, more than €214.58 million net of rebates was paid under the liquidation in professional and legal fees. The largest beneficiary was KPMG with gross fees to the company’s special liquidation totalling €128.1 million by the end of 2016. The gross fees to KPMG included almost €118.8 million to KPMG Ireland and close to €8.5 million to KPMG UK. There was an average of 189 KPMG staff working on the project last year.
Handed over all documents
In the update for the Minister for Finance, the liquidators said they have handed over all documents requested by the Commission of Inquiry including in relation to the interest rate setting policy at the former bank and that former customers who were overcharged interest by their lender will begin receiving cheques within months.
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