The advisers' gravy train
Published 06/03/2011 | 05:00
Nama is currently paying in excess of €98,066 per day on financial and legal consultants, according to its latest quarterly report. Legal advisers were paid €485 an hour for carrying out due diligence on loans for Tranche 1 transfers. €100 an hour was paid to trainee solicitors. PricewaterhouseCoopers (PwC) was paid €1.9m in January 2010 alone for providing Nama "set-up advice". Between April and May 2010, PwC was also paid €60,000 a week or €400 an hour per consultant. PwC was paid €125,000 in December 2009 for help in drafting codes of conduct for boards. Legal firm Arthur Cox was paid €1m for services to Nama. The Comptroller & Auditor General said they were paid in excess of agreed fees. Accountants KPMG were paid €5.8m for six months in 2010 for loan evaluations. KPMG had previously audited companies controlled by developers including Liam Carroll, Johnny Ronan and Richard Barrett, Sean Mulryan, Bernard McNamara and Paddy McKillen. €3.2m in six months to June 2010 was paid to accountants Capita Services.