Nama contracts for accountancy giants

THREE OF Ireland’s largest accountancy firms have been awarded further contracts with the National Asset Management Agency (Nama).

Deloitte, KPMG and PwC – all of whom already hold contracts with the State agency – have won contracts to provide multi-jurisdictional tax advice and tax compliance services to Nama.

Seventeen tenders were received for the contract, awarded on April 18th. A spokesman for Nama said the agency was dealing with business plans worth billions of euro, which typically had extremely complex tax dimensions. As a result, it was imperative Nama brings in outside advice as necessary to recover all money due to the taxpayer.

The three firms have already substantial dealings with Nama. Deloitte provides internal audit services to Nama, while it has also seconded staff to Nama’s portfolio management and credit and risk division. As well as conducting an independent business review on behalf of Nama on business plans submitted, Deloitte has also drafted business plans for borrowers for submission to Nama .

According to its website, Deloitte offers a range of “Nama services” to developers, including advice on the compilation of the business plan required by the agency and advice on restructuring and refinancing. Deloitte’s David Carson has been appointed by Nama as receiver to properties used to secure loans owed by Liam Carroll’s Zoe Developments.

KPMG holds the main auditing contract for Nama, co-ordinating a number of firms that have been employed as valuers for the loans going to Nama. KPMG’s Kieran Wallace has been appointed as receiver to a number of hotels under Nama.

PwC is the overall tax adviser to Nama, as well as being part of a panel of companies that provide loans and associated valuation services to Nama.

PwC has also contracted personnel to Nama, including four last year at a cost of €60,000 per week excluding VAT.

None of the three firms was available for comment yesterday.

Nama’s total administration costs ran to €46 million in the first 10 months of operation, the agency said on Wednesday.