Business Irish

Monday 19 March 2018

KPMG earned bumper €22m for three years' work at NAMA

KPMG headquarters in Brussels, Belgium. Photo: Mark Renders/Getty Images
KPMG headquarters in Brussels, Belgium. Photo: Mark Renders/Getty Images

ACCOUNTANCY firm KPMG has emerged as the big winner in NAMA work over the past three years, earning over €22.29m, writes Gordon Deegan.

According to Finance Minister Michael Noonan, the firm received the amounts between 2010 and last year, earning €10m from NAMA in 2011 alone.

The figures show that last year KPMG received €4.7m from NAMA.

Last month, KPMG announced the creation of 330 new posts made up of 60 senior positions and 270 graduate trainee positions.

In a written Dail response to Sinn Fein's Pearse Doherty, Mr Noonan confirmed that seven firms shared a €62m bonanza from NAMA over the three years. The others included Deloitte & Touche, Ernst & Young, Grant Thornton, PWC, Arthur Cox and McCann Fitzgerald.

Over three years, PWC received €14m; Ernst & Young received €8.67m; Deloitte & Touche received €6.389m, Arthur Cox received €5m; McCann Fitzgerald received €3.85m; and Grant Thornton received €2.4m.

The figures show that both McCann Fitzgerald and Grant Thornton have dramatically built their NAMA business over the period from low bases.

In 2010, McCann Fitzgerald received €53,249 for its NAMA business. That rose to €2m last year, while Grant Thornton recorded €1.37m in NAMA payments last year from a base of €122,508 in 2010.

The figures show that NAMA income earned by Ernst & Young declined sharply last year to €195,478 from the €6.9m earned in 2011.

Earlier this year EY, as it is now called, confirmed revenues of €141m for the year ending June 28 and announced the creation of 80 jobs. EY already employs 1,260 people here.

Irish Independent

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