Slide 61 of the Special Liquidators' Progress Update Report dated 12 March 2015, which is available on the Department of Finance website at http://www.finance.gov.ie/sites/default/files/DO F_IBRC_Progress%20update%20report%20to%2031%20Dec%2014.pdf, details the costs of the liquidation for the period 7 February 2013 to 31 December 2014.
KPMG rates are based on NAMA negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by NAMA.
The rates agreed with the Special Liquidators for this assignment are as follows:
Grade
|
Rate Per Hour (excluding VAT)
|
Partner
|
€295
|
Director
|
€260
|
Associate Director
|
€220
|
Manager
|
€190
|
Supervisor
|
€165
|
Senior Accountant
|
€165
|
Semi-senior accountant
|
€165
|
Junior accountant
|
€95
|
The number of staff working on the assignment has fluctuated over the course of assignment given various activity volumes as the loan sales progressed. The headcount requirement peaked at 330 staff from KPMG.
Total fees of €76 million were paid to KPMG (KPMG Special Liquidator team: €71.4 million and KPMG migration team: €4.6 million) to 31 December 2014 of which approximately €4.5 million was recovered from NAMA. In addition a rebate of €5 million was agreed with KPMG following discussions at the request of the Minister.