The progress report on the special liquidation of IBRC, delivered last week to the Department of Finance, laid out in delicious detail the fees racked up by top law, property and accounting firms. About €111 million in professional fees has been spent so far on the managed execution of the worst bank in the world, which isn’t that bad considering it has sold off nigh on €20 billion of assets. All firms were named except for one, known only as Valuer A, which picked up almost €3.5 million.

Valuer A declined a request from the liquidators to be named in the report. We are delighted to reveal that Valuer A is, of course, the Swiss bank UBS. Love their privacy, the Swiss, don't they?