Group	Note	NARL €'000	NAMA Group (excluding NARL) €'000	2013 NAMA Group €'000	2012 NAMA Group €'000
Costs reimbursable to NTMA	10.1	3,476	37,292	40,768	36,890
Primary Servicer fees	10.1	2,200	52,587	54,787	56,427
Master servicer fees	10.3	-	3,082	3,082	3,547
IBRC integration costs	10.4	-	<7,369/td>	7,369	-
Portfolio management fees	10.5	-	5,549	5,549	6,882
Legal fees	10.6		2,975	2,975	4,634
Due diligence costs	10.7	-	-	-	4,086
Finance, communication and technology costs	10.8	-	3,423	3,423	3,022
Rent and occupancy costs	10.9	-	1,482	1,482	1,375
Internal audit fees	10.10	-	911	911	1,023
Other internal audit services	10.10	-	-	-	288
Board and Committee fees and expenses	10.12	-	599	599	493
External audit remuneration	10.11	20	495	515	450
Total administration expenses		5,696	115,764	121,460	119,117

Agency	Note	2013 €'000	2012 €'000
Administration expenses
Costs reimbursable to NTMA	10.1	40,768	36,890
Board and Committee fees and expenses	10.12	599	493
Rent and occupancy costs	10.9	1,174	1,178
Total administration expenses		42,541	38,561

Costs reimbursable to the NTMA are recognised as an expense to NAMA. All costs, other than Board and Committee fees and Board expenses incurred by NAMA are reimbursed to it by the NAML Group. Total costs of €41.9m (2012: €38.1m) were reimbursed by the NAML Group to NAMA.

Agency	Note	2013 €'000	2012 €'000
Costs reimbursable by the NAML Group
Costs reimbursable to NTMA	10.1	40,768	36,890
Rent and occupancy costs	10.9	1,170	1,177
Total costs reimbursable by the NAML Group		41,938	38,067

10.1 Costs reimbursable to NTMA

Under Section 42 (4) of the Act, NAMA is required to reimburse the NTMA for the costs incurred by the NTMA in consequence of it assigning staff and providing services to NAMA.

Costs comprise staff costs of €31.1m (2012: €27.1m) and overheads and shared service costs of €9.6m (2012: €9.8m).

NTMA incurs direct costs such as salaries, rent, IT, office and business services. NAMA has agreed to reimburse the NTMA for their proportionate share of external overhead costs on a centralised basis where NAMA benefits directly or indirectly from the provision of the related goods or services. These costs include central IT costs, office and business services, together with depreciation in respect of the use of NTMA fixed assets and other central overheads.

The costs incurred by the NTMA are charged to NAMA (the Agency) and the Agency is reimbursed by the Group.

Staff costs

The Group has no employees. All personnel are employed by the NTMA and the salary cost of staff who are engaged full time in the NAMA business are recharged to the Group by the NTMA. The number of employees of the NTMA, directly engaged in the Group ('NAMA Officers') at the reporting date was 331 (2012: 224) and the total salary cost including pension costs was €31.1m (2012: €27.1m). In addition the NTMA provide shared services to NAMA including IT, HR and Finance. The cost of NTMA employees (non NAMA Officers) providing these shared services to NAMA during 2013 was €2.5m (2012: €3.1m).

NAMA Officers are members of the NTMA Staff Pension Scheme and the NTMA contributes to the scheme on behalf of these employees. The cost of these pension contributions are recharged to NAMA.

Staff costs include the Chief Executive Officer's salary as detailed below:

Brendan McDonagh (Chief Executive Officer)	2013 €'000	2012 €'000
Salary	365,500	365,500
Taxable benefits	21,710	22,664
Performance related bonus	-	-
	387,210	388,164

The remuneration of the Chief Executive Officer consists of basic salary, taxable benefits and a performance related payment of up to 60 per cent of annual salary. The Chief Executive Officer was entitled to be awarded a performance payment for 2012 and 2013, but in view of the economic challenges facing the country, waived his entitlement to this payment.

The Chief Executive Officer's pension entitlements do not extend beyond the standard terms of the model public sector superannuation scheme.

The remuneration of the Chief Executive Officer is determined by the NTMA CEO after consultation with the NTMA Advisory Committee. In giving advice on remuneration, the NTMA Advisory Committee is informed by the views of the NTMA Remuneration Committee. The Chairman of the NAMA Board is a member of the NTMA Remuneration Committee for the purpose of discussion of issues in relation to staff assigned to NAMA.

10.2 Primary Servicer fees

Primary Servicer fees comprise fees paid to each Participating Institution and the Primary Servicer for the servicing of eligible bank assets. The Participating Institutions and Primary Servicer administer the loans and receivables that originated within each Participating Institution. The amounts payable to each Participating Institution are set out in Note 39, related party disclosures. The fees paid and accrued to the Participating Institutions and the Primary Servicer were €45.2m (2012: €56.4m), which equates to an overall fee of 7 basis points (2012: 8 basis points) of the par debt loan balances administered.

Following the liquidation of IBRC in February 2013, the loan portfolio that was managed by IBRC on behalf of NAMA was transferred to Capita as Primary Servicer. Capita continue to manage the portfolio with NAMA oversight. Costs paid to Capita as Primary Servicer in 2013 are €7.4m (2012: €nil).

Primary Servicer fees for NARL of €2.2m comprise fees paid to Certus and the joint Special Liquidators of IBRC for loan servicing set up costs.

10.3 Master servicer fees

Master servicer fees comprise fees paid to the master servicer, Capita. Capita provides loan administration and data management services to the Group. Master servicer fees were €3.1m in the year (2012: €3.5m).

10.4 IBRC integration costs

As a result of the IBRC liquidation in February 2013, NAMA incurred total costs of €13m, of which €7.4m was incurred on the existing portfolio and €5.7m related to NARL (included in 10.1 and 10.2). IBRC integration costs comprise fees incurred for the integration of the IBRC portfolio that was expected to be acquired as a result of the special liquidation and also for costs related to the transitioning of the existing €41bn par debt NAMA loans managed by IBRC over to Capita. Costs comprise fees paid to the joint Special Liquidators (€3.9m), Capita project costs and systems integration (€2.7m) and other project costs (€0.8m).

10.5 Portfolio management fees

Portfolio management fees relate to fees incurred in the ongoing management and support of debtors. Costs included are property valuation, asset search and asset registry fees, loan sale costs and insurance costs.

10.6 Legal fees

Legal fees comprise fees paid to professional service firms with respect to legal advice.

10.7 Due diligence costs

Due diligence costs were incurred by the Group on the acquisition of the portfolio of loans from the Participating Institutions. These costs were considered by the Group to be transaction costs and were included in the acquisition cost of the loans and receivables. Due diligence costs incurred totalled €78.2m of which the Group recovered €64.1m from the Participating Institutions through a reduction in the acquisition value of the loans. The balance of €14.1m will not be recovered from the Participating Institutions and was expensed to the income statement in 2012 (€4.1m) and 2011 (€10m).

10.8 Finance, communication and technology costs

Finance, communication and technology costs comprise costs incurred during the year in relation to IT, derivative valuation, tax advice and other administration costs.

10.9 Rent and occupancy costs

Rent and occupancy costs comprise costs incurred during the year in relation to the premises occupied by the Group.

The Agency has leased the third floor of its current office premises for a period of ten years at an annual rent of €1.0m and the first floor of its current offices premises for a period of 12 years and 4 months at an annual rent of €0.15m. Further information on leases is included in Note 33, commitments and contingent liabilities.

The remaining balance relates to occupancy costs.

10.10 Internal audit fees

The Group have engaged the services of an external audit firm (Deloitte) to perform the role of internal audit for the Group. Fees incurred relate to the audit of business processes by the internal auditors and the reporting on the results of internal audits performed.

Other internal audit services

In 2012 the Group's internal auditor, Deloitte, carried out certain internal audit services that were additional to the scope of routine internal audit services. No such costs were incurred in 2013.

10.11 External audit remuneration

Group	NARL €'000	NAMA Group (excluding NARL) €'000	2013 NAMA Group €'000	2012 NAMA Group €'000
Audit of individual accounts	20	495	515	450
Total external audit remuneration	20	495	515	450

The Comptroller and Auditor General (as external auditor) does not provide other assurance, tax advisory or other non-audit services to NAMA.

10.12 Board and Committee fees and expenses

	2013 €'000	2012 €'000
Frank Daly (Chairman)	150,000	150,000
Oliver Ellingham (appointed 10 April 2013)	41,750	-
Eilish Finan (term ended 21 December 2013)	58,549	60,000
Brian McEnery	60,000	60,000
Steven A. Seelig (term ended 25 May 2013)	24,032	60,000
Willie Soffe	75,000	75,000
Board fees	409,331	405,000
Board expenses	162,518	60,247
Total Board expenses	571,849	465,247
Planning Advisory Committee
Alice Charles	5,000	5,000
Michael Wall	5,000	5,000
Audit Committee
Jim Kelly	10,000	10,000
Northern Ireland Advisory Committee
Frank Cushnahan	3,000	4,000
Brian Rowntree	5,000	4,000
Total Committee fees	28,000	28,000
Total Board and Committee fees and expenses	599,849	493,247

John Corrigan (NTMA Chief Executive), Brendan McDonagh (NAMA Chief Executive Officer) and John Mulcahy received no remuneration as ex-officio members of the Board. Expenses payable in respect of Board and Committee members are set out below.

	Travel Expenses €	Accommodation and Subsistence €	Other5 €	Total 2013 €	Total 2012 €'000
Frank Daly (Chairman)	4,691	1,727	-	6,418	2,815
Oliver Ellingham	4,110	2,206	-	6,316	-
Brian McEnery	9,413	1,533	8,365	19,311	4,971
Steven A. Seelig6	45,325	8,648	76,500	130,473	52,461
	63,539	14,114	84,865	162,518	60,247

⁵ Following a clarification by the Revenue Commissioners on the tax treatment of Board Members expenses, NAMA made a payment to Revenue in respect of the years 2010 to 2012.

⁶ Steven Seelig lives in the USA. Expenses relate to travel and accommodation expenses on a cost recovery basis to attend Board and Committee meetings in Dublin. Steven Seelig's term ended on 25 May 2013.