Receivers on Nama work pick up €7m more in fees
RECEIVERS appointed by the National Asset Management Agency (Nama) last year shared €7.085m in fees for their Nama work.
That is according to figures provided by Nama in response to a Freedom of Information request.
It brings to €139m the total paid out to Nama-appointed receivers since it was established in 2009.
Two companies last year received fees in excess of €1m. RSM received fees of €1.57m for seven appointments to Nama debtors while Deloitte received €1.09m in relation to seven appointments.
The figures also show Grant Thornton received €956,000 in relation to 10 connections with McStay
Luby getting the fourth highest amount at €638,000 in relation to three connections.
Duff and Phelps Ireland received €599,000 while two other firms got fees in excess of €200,000: PWC €298,000 and EY €255,000.
Four other firms received fees between €100,000 and €200,000: HWBC got €182,000, BDO €173,000, Crowe €169,000, RBK €159,000 and McKeogh GR €141,000.
The Nama FOI unit said: “Receivers appointed to Nama-secured properties are selected from Nama’s insolvency service provider panel, which was established following a competitive public procurement process.
“Arising from this process, competitive fixed-fee rates were achieved relative to prevailing market norms. In general, fees are not paid to receivers directly by Nama but are instead paid out of the proceeds of assets under receivership or the management of these assets, pending realisation.
“Fees for any particular insolvency are set by reference to the fees quoted by the insolvency practitioner as part of the public procurement process.
“Typically, fees reduce as the assignment progresses and the number of assets reduces by way of disposals or otherwise. However, this depends on the complexity of the insolvency and the issues that may emerge during its course.”
Over the course of Nama’s operation, Grant Thornton has been paid just over €20m between its Irish and UK units for its receiver work.
One of the ‘Big Four’ accountancy firms, KPMG has received €14.8m in fees, while Duff & Phelps received €12m, RSM Ireland €12.6m, Deloitte €11.2m, Mazars €9.8m and PwC €9.1m.
Nama has paid €139m in receivers’ fees since 2009