We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
THE BUILDING BUST provided a bonanza for accountancy firms with new figures showing that Nama has paid receivers €115.39 million over the past seven years.
According to figures provided by Minister for Finance Paschal Donohoe, the big winner in the lucrative work was Grant Thornton which – between its Irish and UK arms – has received €17.28 million for its work in the area.
One of the big four accountancy firms, KPMG received €13 million in fees, while Duff & Phelps received €10.24 million, RSM Ireland/Baker Tilly received €9.7 million, Pwc received €7.98 million, Mazars received €7.43 million and Deloitte received €7 million.
Donohoe also confirmed that BDO received €6.35 million while Ernst & Young received €5.14 million.
Firms to receive in excess of €2 million in fees include Crowe Howarth which received €2.832 million; McKeogh Gallagher Ryan received €2.46 million; McStay Luby €2.4 million and Ferris & Associates which received €2 million.
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 €4.2 million to receivers and this followed a payout of €10.8 million in 2016 and €19.99 million in 2015.
The spend by Nama on receivers reached its peak in 2014 when €23 million was paid out while €22.17 million was paid to receivers in 2013.
Donohoe also confirmed that €19.54 million was paid out to receivers in 2012 and €15.47 million was paid out in 2011.
The information on the payouts by Nama to receivers is contained in a written Dáil response to Deputy 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 Donohoe contains 76 separate entities.
Yesterday, Deputy Wallace said: “This list illustrates how former Judge John Cooke should go outside the State, and beyond, when procuring the independent, financial expertise for the Commission of Investigation into Project Eagle. 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.”
To embed this post, copy the code below on your site
Was it not the same financial institutions who provided their expertise to most of the collapsed banks and developers .
Good to see some have profited out of the misery inflicted on the Irish citizen…….
@Kerry Blake: yeah, we’re all crippled with austerity, crows picking out our eyes, slung on the dung heap to rot in the blazing sun. beaten to a pulp by the vicious fascist government and their brutal political police. we should call the UN to bring in a peacekeeping force to protect us from the people we elect.
Funnily enough a lot of these names popped up during the crash as well.
Wasn’t it Ernst & Young who gave Anglo Irish Bank a clean bill of health on the eve of the collapse while noow we know that the final cost of the bailout will be close to €40 billion. and KPMG, who audited Irish Nationwide Building Society and reported that the bank had €300 million profits and had set aside €500m for bad debts and the bank ended up having to be bailed out to the tune of €2.6 billion.
When all is said and done Ireland is a stinking cesspit of a country and the further you climb the more you smell.
@Mark DeFriest: In fairness to Ernst & Young and KPMG, they can only audit what they are given, if someone is lying to them about figures they are given, they don’t know the true story. The Central Bank are the regulatory body and have the power to really and truly audit a bank or company, not just asking but demanding, along with checking figures themselves. They should have been doing it, the ultimate failure rests with the Central Bank, these guy where asleep at the wheel.
@Mark DeFriest: Also, I don’t understand myself why NAMA is outsourcing this to other companies, isn’t that the point of NAMA as a bad bank to keep all this stuff in house?
I feel nothing was learned from the crash to be honest, and we will be reading about NAMA 2.0 in about 2 years time.
@OnTheOutside: an independent receiver must be appointed where a company is insolvent. Needs to determine who is owed what, who has claim over what assets etc…
@OnTheOutside:
‘Audit what they are given’
They missed a large black hole there. In the States there’s a banking rule book. Break a rule and you end up in leg irons on the way to San Quentin. In Ireland there’s no rule book, banks make it up as they go along. Ernst and Young admitted during the banking inquiry that although they knew a tsunami of bad debt was about to engulf Anglo Irish Bank under Irish banking law they did not have to take that ominous fact into consideration when clearing the bank. Bit like selling a house while the wrecking ball is pulling into the yard.
@Fake Avast:
Don’t worry about me Constantin.
@OnTheOutside: agreed. If you only give half the ingredients, you cant complain if you end up with bad pancakes instead of a fine patisserie
@eimear, half the ingredients just give half the amount but the taste should be the same.
@Markonline:
:-)
100 odd million for 32 billion of sales. 0.00312 percent. Literally a drop in the ocean. Badly presented article as usual from the journal.
@Joseph Bloggs: €2 m per year is also a drop in the ocean.
Maybe the government can round up a few of these drops if they are so easy to come by and pay down the debt.
Kerching for the well in…
Its a small country with a small circle of friends at the top who plot to screw the rest of us. They are helped by what ever government is in power at the time, usually FF/FG. Time for a change. Vote these basta$rds out at the next GE and start holding the rest accountable for their actions.
NAMA is the biggest scam to ever hit this country , it is elitism at its finest . It’s jobs for the boys and a wink and nod culture among developers and politicians . Who wouldn’t want to be in NAMA when you can borrow money from them at 6% interest rate as opposed to borrowing from a banking institution at a rate of 12% to 15% interest rate .
They were banging on the door of NAMA and couldn’t get in quick enough .
I hate NAMA, the more stories I hear about what they have done that don’t make the news then the more I get annoyed, need some committee to ask questions about what they do?
Well done
Nama should be investigated from start to finish by a company from outside of Ire I don’t trust them and never have and after the dealings in the 6 counties that finished me.
The amounts of cranes and work getting done in Dublin City centre area.
have your say