KPMG earns €22.29m for three years of Nama work

Accountancy firm KPMG has emerged as the big winners in Nama work over the past three years, earning over €22.29m.

According to the Minister for Finance, Michael Noonan, the accountancy 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 posts made up of 60 senior positions and 270 graduate trainee positions.

In a written Dáil response to Sinn Féin’s Pearse Doherty, Mr Noonan confirmed that seven firms shared a €62m bonanza from Nama over the three years.

He listed the firms as Deloitte & Touche, Ernst & Young, KPMG, Grant Thornton, PWC, Arthur Cox, and McCann Fitzgerald.

Mr Noonan said the work carried out by the firms related to the valuation, audit, legal and other services provided to Nama in the context of its management of loans with an original par value of €74bn.

The figures show that the aggregate payments to the seven reduced last year by 54% to €12.84m.

This was from a high of €28.2m in 2011 which followed on from the €21.7m paid out in 2010.

According to the figures provided by Mr Noonan, the firm to receive the next highest amount over the three years was PwC, receiving €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 work, growing 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 last year declined sharply to €195,478 from the €6.9m earned in 2011.

Ernst & Young in Ireland this year confirmed revenues of €141m for the year ending June 28 and announced the creation of 80 jobs.

In a separate Dáil reply to Mr Doherty, Mr Noonan confirmed that Arthur Cox has been paid €17.7m between 2008 and 2013 for providing professional advice on the banking sector stabilisation.


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