Business Irish

Saturday 25 January 2020

NAMA bonanza for audit firm as it cashes in to tune of €18m

Gordon Deegan

A top firm of auditors got more than €18m in fees from NAMA as part of a €114.7m bonanza for professional firms, new figures reveal.

Finance Minister Michael Noonan confirmed that KPMG received €18.1m from NAMA since the agency's inception to January 31 this year.

In the most detailed information released to date on fees paid to professional firms, Mr Noonan details payments in excess of €114.7m -- inclusive of VAT -- paid out by NAMA since 2010.

Mr Noonan confirmed that KPMG received €16.7m of its €18.1m total for its role as 'audit co-ordinator' of NAMA's work.

He said that the costs of the sole audit co-ordinator "were recovered from the financial institutions through a reduction in the acquisition value".

The figures show the firms to receive the highest amounts in fees from NAMA are: PriceWaterhouseCoopers (€13m in fees) for work under various headings; Ernst & Young (€8.4m); Alvarez & Marsal Europe LLP (€6.6m); Deloitte & Touche (€4.8m) and FTI Consulting (€4.5m).

Mr Noonan listed eight separate categories under which firms had received professional fees from NAMA.

The most lucrative area was loan valuation.

NAMA has also paid out:

- €19.2m to 34 firms in portfolio-management fees.

- €14.3m to 28 firms for legal due diligence.

- €12.4m to 41 firms for property due diligence.

- €9.4m in legal fees to 73 firms and practitioners.

- €6.47m for financial and tax advice to six firms.

- €3.4m to 72 firms in borrower recoverable costs.

- €2.5m to three parties in auditing and accounting costs.

Figures

The figures show that the top-earning legal firm is Arthur Cox, which received €3.4m in fees across a number of headings including legal due diligence and legal fees.

Hogan Lowell International LLP received €2.92m, while Allen & Overy LLP received €2.4m for its legal work for the agency.

Other legal firms to receive in excess of €1m from NAMA include Dillon Eustace; Maples & Calder; Beaucamps Solicitors; Byrne Wallace; Matheson Ormsby Prentice; McCann Fitzgerald; William Fry Solicitors and A&L Goodbody.

Irish Independent

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