Dublin PR firm for NAMA/NTMA receives €214,000 in fees in 2018
Dublin based PR firm, Gordon MRM received more than €214,000 (incl 23% VAT) in fees last year for its public relations work for the National Treasury Management Agency (NTMA) and the National Asset Management Agency (NAMA).
The combined €214,020 total is sharply down on the €490,207 total paid out in 2017 to the firm that was inflated by the €312,602 paid out by the NTMA for the firm’s AIB IPO work in 2017.
In a written Dáil reply to Fianna Fáil’s Finance spokesman, Michael McGrath, the Minister for Finance, Paschal Donohoe stated that NAMA last year paid Gordon MRM €108,240 and the NTMA paid the firm €105,780.
The fees paid out to the firm - headed by Ray Gordon - is an increase on the fees paid out to the firm for the day to day PR work for the NTMA and NAMA in 2017.
In 2017, the company received €88,560 for the provision of PR services to the NTMA and an additional €89,045 on its day to day PR work for NAMA.
Last year, the firm secured a ‘double win’ when it beat off competition from other firms to retain its lucrative contracts with the NTMA and NAMA.
The firm secured a three year contract with the NTMA with an option to extend by a further two years.
Separately, Minister Donohoe confirmed to Deputy McGrath that NAMA-appointed receivers received €8.2 million for their NAMA work in 2018.
The €8.2 million pay out brings to €132 million paid to NAMA-appointed receivers since NAMA was established.
According to the figures provided by Minister Donohoe, the firm to receive the highest amount in fees last year was Deloitte which received €1.8 million.
One other firm, RSM Ireland received fees of €1.15 million.
The figures also show that Grant Thorton received €937,395 with Mazars receiving the fourth highest amount at €782,055.
Duff and Phelps Ireland received €549,993 followed by MsStay Luby which received €524,845 and Pwc which received €370,949.
Four other firms received fees in excess of €200,000 - EY received €271,500, RBK received €267,119, BDO received €248,615, HWBC received €242,500 and KPMG received €212,330.
Minister Donohoe stated: “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.
“All appointments are subject to on-going monitoring and evaluation and, in many cases, additional fee reductions are negotiated to ensure that fees are appropriate for the amount of work remaining on any given appointment.
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 under €20 million between its Irish and UK units for its receiver work.
One of the 'Big Four' accountancy firms, KPMG has received €13.9 million in fees, while Duff & Phelps as received €11.4 million, RSM Ireland/Baker Tilly - €11.1 million, Deloitte - €10.1 million, Mazars - €9.2 million and Pwc - €8.8 million.
