Poor Tourer Blog

Poor Tourer Tips

Nama has paid over €115 million to receivers since the property crash

Erik G

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 winners 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.

Minister Donohoe also confirmed that BDO received €6.35 million while Ernst & Young received €5.14m.

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.

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

Ironically, 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 Minister 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.”

Read: Donohoe defends his share-holdings in drinks company Diageo

Source: http://prntscr.com/fub00u

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Poor Tourer Blog