Nama receiver fees top €115m

The building bust provided a bonanza for accountancy firms with new figures showing that Nama has paid receivers €115.39m over the past seven years.

According to figures provided by the Minister for Finance, Paschal Donohoe, the big winner in the lucrative work was Grant Thornton which between its Irish and UK arms has received €17.28m for its work in the area.

One of the big four accountancy firms, KPMG received €13m in fees; while Duff & Phelps received €10.24m; RSM Ireland-Baker Tilly received €9.7m; PwC received €7.98m; Mazars received €7.43m; and Deloitte received €7m.

Mr Donohoe also confirmed that BDO received €6.35m while Ernst & Young received €5.14m in fees.

Firms to receive over €2m in fees include Crowe Howarth which received €2.832m; McKeogh Gallagher Ryan received €2.46m; McStay Luby €2.4m and Ferris & Associates which received €2m.

As the number of building firms to exit Nama has increased in recent years, the payouts by Nama to receivers has slowed down.

This year to date, Nama has paid out €4.2m to receivers and this followed a payout of €10.8m in 2016 and €19.99m in 2015.

The spend by Nama on receivers reached its peak in 2014 when €23m was paid out while €22.17m was paid to receivers in 2013.

Mr Donohoe also confirmed that €19.54m was paid out to receivers in 2012 and €15.47m was paid out in 2011.

Ironically, the information on the payouts by Nama to receivers is contained in a written Dáil response to Independents 4 Change TD Mick Wallace whose own building collapse has enriched receivers with AIB, the Bank of Scotland (Ireland) and ACC each appointing a receiver to his failed building firm, M&J Wallace Ltd.

In one instance, ACC appointed receiver Declan Taite to Wallace properties in May 2011.

The most recent receiver’s extract lodged by Mr Taite show that the legal and professional fees now total €375,273 from the receivership.

The list provided by Mr Donohoe contains 76 entities.

Yesterday, Mr Wallace said: “At this stage, there are very few auditors, accountants or real estate bodies, large or small in Ireland, who have not worked for Nama at some time or another.”

More in this Section

US rate fears crash party

No surprise if airlines collapse as winter sets in

Little drama and little joy from today’s budget

Breaking Stories

Former German central banker warns of ‘false sense of security’ on Brexit deal

Paddy Power Betfair in the dog house after £2.2m fine

Credit Unions top customer experience poll for fourth consecutive year

Sterling at 88p still reflects hopes of Brexit deal

Breaking Stories

Need a cheap and easy home revamp? Here’s how to tile your own splashbacks

Michael Caine: ‘Don’t look back, you’ll trip over’

How to survive the rest of Sober October if you’ve made it this far

Meet the A-listers of Zeminar 2018

More From The Irish Examiner