KPMG receives over €18m in fees from Nama

An auditing firm has received over €18m in fees from Nama as part of a €114.7m bonanza for professional firms, figures reveal.

Finance Minister Michael Noonan confirmed KPMG received €18.1m from Nama since the agency’s inception to Jan 31.

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

He confirmed KPMG received €16.7m of its €18.1m total for its role as ‘audit co-ordinator’ of Nama’s work. He said the costs of the sole audit co-ordinator “are recovered from the financial institutions through a reduction in the acquisition value”.

The figures show the firms to receive the highest amounts in fees were: 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).

In a letter to Deputy Terence Flanagan arising from a Dáil question, Mr Noonan listed eight separate categories under which firms received professional fees. The most lucrative area relates to ‘loan valuation and related due diligence’ where five firms shared €30m.

Under that category, he said Ernst & Young received €8.3m (inclusive of overall amount above), PriceWaterHouseCoopers (€7.5m — inclusive of overall amount above); Alvarez & Marsal Europe LLP (€6.6m — inclusive); FTI Consulting Ltd (€4.1m — inclusive) and UHY Hacker Young LLP received €3.4m.

Mr Noonan said the “loan valuation and related due diligence costs are recovered from the financial institutions through a reduction in the acquisition value”.

Mr Noonan confirmed that along with the €30m in fees on ‘loan valuation and related due diligence’ and the €16.7m to KPMG as audit co-ordinator, Nama has paid out €19.2m to 34 firms in ‘portfolio management fees’ and €14.3m to 28 firms for legal due diligence.

Some €12.4m was paid 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’ and €2.5m to three parties in auditing and accounting costs.

The top earning legal firm was Arthur Cox which received €3.4m in fees across a number of headings, including legal due diligence and ‘legal fees’ with Hogan Lowell International LLP receiving €2.92m. Allen & Overy LLP got €2.4m.

Mr Noonan said legal due diligence costs are recovered through a reduction in the acquisition value. On Nama’s portfolio management fees, the top five received €9m with Deloitte & Touche receiving €2.9m; Jones Lang Lasalle Ltd (€2.8m); Grant Thornton (€1.2m); MKO (€1.1m) and Smith & Williamson Freaney Ltd €898,000.

More in this section

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Discover the

Install our free app today

Available on


Our Covid-free newsletter brings together some of the best bits from, as chosen by our editor, direct to your inbox every Monday.

Sign up


Have the Irish Examiner delivered to your door. No delivery charge. Just pay the cover price.