Thursday 18 July 2019

Accountancy firms enjoy €55m Nama bonanza from property bust

Michael Noonan
Michael Noonan

Gordon Deegan

The property bust has resulted in a €55m bonanza for a select number of accountancy firms from overseeing Nama receiverships.

New figures provided by the Minister for Finance, Michael Noonan show that one firm, Grant Thornton has received €10.1m in fees from Nama as a result of its receivership work.

The firm has been the big winner in the pay-out from Nama's receivership work after securing 35 separate appointments.

Out of a total of 210 receivership appointments, 10 firms have received €55.2m from the agency since its inception.

The figures were provided in a written Dáil response to Fianna Fáil's Michael McGrath and he last night described the fees as 'truly extraordinary'.

In his reply, Minister Noonan said: "I have been advised by Nama that fees agreed with appointed receivers have ranged from €625 to €1.299m."

Since 2010, Nama has appointed Grant Thornton in relation to assets that were owned by high profile debtors including Harry Crosbie and Sean Dunne.


Grant Thornton received almost €2m more than the second ranked firm, KPMG that received €8.12m for its

37 separate Nama receiverships.

In providing the top 10 recipients of fees received for receivership work, Mr Noonan confirmed that Duff and Phelps - formerly RSM Farrell Grant Sparks - received €6.35m for 25 receiverships.

Other firms to receiver over €5m for receivership work include Mazars which received €5.94m arising from 22 appointments and PwC which received €5.65m for 14 receiverships.

Other firms to feature in the top 10 include Deloitte which received €4.9m for 24 appointments; Baker Tilly UK which received €4.9m for five appointments and Ernst & Young which received €4m for 14 appointments.

BDO received €2.79m in relation to 20 appointments and Baker Tilly Ryan Glennon received €2.65m concerning 14 appointments.

Mr Noonan confirmed that last year Nama paid out €1.8m to receivers in relation to 71 appointments and this followed a pay-out of €3.6m in 2013.

Deputy McGrath said that Nama's level of enforcement action "has resulted in nothing short of a bonanza for receivers".

Irish Independent

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