€295 per hour fee for IBRC liquidation
Published 22/05/2015 | 02:30
Partners at accountancy firm KPMG are charging the State €295 per hour for their work on the liquidation of the former Anglo Irish Bank.
New figures show that the accountancy firm got almost €100m in fees from the liquidation of the IBRC and its work with Nama.
According to figures provided by the Minister for Finance Michael Noonan, partners at KPMG are earning €295 per hour for their work on the special liquidation of the IBRC, with directors on €260 an hour.
Mr Noonan further revealed, in a written Dáil response to Fianna Fáil TD John McGuinness, that the hourly rate for the IBRC liquidation for an associate director at KPMG is €220.
It is €190 for a manager, €165 for a supervisor, senior accountant or semi-senior accountant and €95 for a junior accountant.
Mr Noonan stated that "KPMG rates are based on Nama-negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by Nama."
In total, KPMG has received €76m in fees for its work on the IBRC project with the numbers of staff at KPMG working on the liquidation peaking at 330 with the number fluctuating as the loan sales have progressed.
Mr Noonan, in a separate written Dáil response to party colleague Michelle Mulherrin, confirmed that KPMG has been the biggest winner in the €153m paid out by Nama in legal, consultancy and advisory fees between 2010 and 2014.
Fianna Fáil TD Sean Fleming said yesterday that the structure of the IBRC liquidation deal agreed by the Department of Finance with KPMG "is all wrong".
A chartered accountant, he said that it was wrong to agree an hourly rate "for a massive, unprecedented liquidation that is now going on more than two years. An hourly rate is appropriate in a much smaller liquidation, but not one of this size."