Ireland's bailout cost taxpayers €47bn by the end of 2014

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The Comptroller & Auditor General, Seamus McCarthy estimates the State’s bank bailouts cost Irish taxpayers a net sum of €47bn by the end of 2014 when the estimated value of the banks in State ownership at that time is taken into account.

Some €152m was paid in fees between 2009 and 2014 to various law firms, banking experts and accountants by State agencies including the Central Bank, the The National Treasury Management Agency (NTMA) and the Department of Finance.

Law firm, Arthur Cox did best receiving just over €33m during the period, followed by Blackrock Financial Management at €23.5m.

Ernst & Young (who were the former auditors of Anglo Irish Bank and the ESB) received €21m; KPMG (who were the former auditors to Irish Nationwide, Irish Life and Permanent, and AIB) were paid just over €13m - and €9.4m was paid to Goldman Sachs.

The Comptroller General estimates the cost of servicing the debt associated with the bank bailout was €8.7bn to the end of 2014, including the interest lost on how that money might otherwise have been invested on behalf of the State.

Almost €60m was spent in connection with bank restructuring, recapitalisation and guarantees.

Another €31m was spent on the 2011 financial measures programme, which reviewed the capital and funding assessments of the banks.

 

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