Nama adviser rakes in fees of €5.8m

BoyRacer · November 7, 2010, 12:31pm

Nama adviser rakes in fees of €5.8m → independent.ie/business/iris … 10752.html

As the country faces €6bn of punishing cuts and tax rises to be announced next month, news emerged last week that the agency is paying legal fees of up to €485 per hour – about 50 times the minimum wage – while even trainee solicitors’ fees can amount to €100 per hour or €750 for a 7.5-hour day, according to a report by the Comptroller & Auditor-General (CAG).

KPMG was paid €5.8m by Nama between November 2009 and June this year for valuing loans. Along with legal firm Arthur Cox and accountancy firm Deloitte, KPMG is among the advisers who stand to earn €2.64bn in fees and expenses over Nama’s 10-year lifespan.

However, KPMG has also provided auditing services to various firms controlled by developers, including Liam Carroll, Johnny Ronan and Richard Barrett and Sean Mulryan, founder of the Ballymore Group.

there is more