I hope no one feels sick reading this.

IBRC PAYING €1,094 PER MINUTE IN PROFESSIONAL FEES

The Special Liquidators progress report on the IBRC that was sent to the Department of Finance last week was truly shocking. For those you who haven’t seen it, a copy can be viewed here:

http://www.finance.gov.ie/sites/default/files/DOF_IBRC_Progress%20update%20report_master_6%20June14.pdf

It was widely reported that professional fees incurred to date by the Special Liquidators amount to a staggering €116,000,000 (116 million euro); however a closer examination of the Report shows that an additional €46,400,000 (46.4million Euro) of professional fees were incurred during the Special Liquidators tenure.

Special Liquidator’s Professional & Legal Fees                               (Page 85)                               €111.6m

Professional Fees Overhead analysis                                               (Page 80)                               €46.4m

TOTAL PROFESSIONAL FEES                                                                                                               €158.0m              

                                                                                                                               

This scandalous level of professional fees was incurred within 14 months, equates to:

                                                        €     

Per Month             11,285,714

Per Week                2,624,585

Per Day                       524,917

Per Hour                       65,615

Per Minute                    1,094

Per Second                         18

Mr Kieran Wallace and Mr Eamonn Richardson have provided absolutely no breakdown of who was paid the additional €46.4m in professional fees, surely as taxpayers we have a right to know, who is profiting from the demise of Anglo.