Business

Thursday 19 October 2017

Central Bank paid ex-Anglo auditor €22m

Michael Noonan
Michael Noonan

Gordon Deegan

Accounting firm, Ernst & Young (EY) has received fees from the Central Bank totalling between €21m and €22m over the past two years.

Minister for Finance Michael Noonan (inset) confirmed that last year the Central Bank increased its pay to EY by 20pc going from €9.5m to €10m in 2013 to between €11.5m to €12m last year.

Between 2011 and 2015, Minister Noonan confirmed in a written Dail reply to Deputy Joe Carey (FG) that the Central Bank paid EY between €25m and €27.5m in fees.

However, the bank yesterday refused to say what type of work EY engaged in last year for the Central Bank to receive the large fee pay-out.

The bank declined to give a reason why it was refusing to provide the information.

Famously, EY were auditors of Anglo Irish Bank before the bust earning €10.3m in fees over a 10-year period.

EY Ireland recorded an 18pc increase in revenues to €166m last year.

Irish Independent

Also in Business