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KPMG are charging a lot of money to liquidate IBRC...

Some consultants for the firm are charging a standard rate of almost €300 per hour to wind down the bank.

IBRC IS NEVER out of the headlines at present with the ongoing Siteserv controversy just one of many stories that has the watching public enthralled.

But, as it happens, even the act of liquidating the bank is costing the Irish state a lot of money.

Responding to a parliamentary question from Renua leader Lucinda Creighton, Minister for Finance Michael Noonan has outlined the rates of pay KPMG are charging to wind up the bank.

The fees being charged, excluding VAT, by the accountancy firm are:

  • Partner                                          -       €295 per hour
  • Director                                        -       €260 per hour
  • Associate Director                  -        €220 per hour
  • Manager                                       -       €190 per hour
  • Supervisor                                   -       €165 per hour
  • Senior Accountant                  -       €165 per hour
  • Semi-Senior Accountant      -       €165 per hour
  • Junior Accountant                  -       €95 per hour

Cabinet Decides Over Mortgages Issues Michael Noonan Sam Boal / Photocall Ireland Sam Boal / Photocall Ireland / Photocall Ireland

“These rates are based on NAMA negotiated rates for the relevant services. These rates were put in place following a competitive tender conducted by NAMA,” Noonan said in response to Creighton’s question.

The total cost of the liquidation in terms of fees stood at €112 million in June 2014, the last time a progress update was released by KPMG to minister Noonan.

This figure was net of a €7 million rebate agreed by the accountancy firm with the Ministry of Finance at that time.

IBRC has been in special liquidation since February 2013, when the Dáil famously sat throughout the night before passing a bill to wind the bank up immediately.

Read: After several rows, Sinn Féin votes against IBRC inquiry – but it’s still happening

Read: Dáil hears new claims about Denis O’Brien’s dealings with IBRC

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63 Comments
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    Mute brian boru
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    Jun 5th 2016, 7:48 AM

    Maybe if the guards spent a little less time hanging around water meter installations they would have been able to free these poor slaves.

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    Mute HOTBank
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    Jun 5th 2016, 7:59 AM

    So you support assaults on water meter installers?

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    Mute brian boru
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    Jun 5th 2016, 8:00 AM

    Stop the installations and have a democratic vote on it

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    Mute P. ENNIS
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    Jun 5th 2016, 8:03 AM

    Gards do a good job keeping law and order with little resources. They are told to go to protect water meter installations by their superiors who are only interested in protecting their elites buddies no point in blaming the guy on the beat. The problem is when the gards do catch a bad guy / human traffickers / drug dealers etc. Our court of laws are to lenient and often people for serious crimes walk away with a suspended sentence….

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    Mute jane
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    Jun 5th 2016, 8:23 AM

    There’s also the issue of the lad doing the meter installation us only doing his job so he can pay his bills too.

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    Mute Michael Collins
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    Jun 5th 2016, 8:23 AM

    Guards are the mobile revenue commissioners of the state

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    Mute SteveW
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    Jun 5th 2016, 8:24 AM

    Nope. Just stop Protecting DOB’s interests is all…

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    Mute brian boru
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    Jun 5th 2016, 8:27 AM

    I do not blame the guys on the beat they do an incredible job working om the front line and have been used to police politically since the start of the water mess. When I see images of twenty guards around a water meter installer and then read stories like this you have to ask how many of these slaves in our country could be free if similar resource levels were put into finding the gangs responsible for this as opposed to being used to politically police those who opposed the sale of our greatest resource our water. Hot bank for the record I am against violence of any type.

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    Mute SteveW
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    Jun 5th 2016, 8:29 AM

    Oh that’s ok then Jane. Just doing my job.. No bloody excuse..

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    Mute jane
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    Jun 5th 2016, 8:42 AM

    Excuse for what? They don’t need an excuse. They’re doing their job for mediocre pay. Do you think the lads down shoveling out the dirt are getting rich on the back of it? If you want to protest go up to GMC and protest there (they are the ones making money), stop the delivery of meters, stop the meters from leaving their depot.

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    Mute SteveW
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    Jun 5th 2016, 8:45 AM

    Oh I have protested Jane. What have you done? Nothing but keyboard warrior..

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    Mute t
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    Jun 5th 2016, 9:06 AM

    They won’t stop the metering. The water supply will have to meet a standard where every household in Ireland will be able to drink it straight from the tap and not boil it. The delusional mob that think they can turn the clock back to the good old days of carrying s bucket to the well will have to get a few slaves to carry the buckets for free for them.

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    Mute HOTBank
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    Jun 5th 2016, 9:22 AM

    But you did blame the guys on the beat Brian Boru

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    Mute brian boru
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    Jun 5th 2016, 11:57 AM

    Not at all hotbank I blame the people that created the situation those elected to lead, insinuating anything other is just lying.
    But as a card carrying member of a particular party I can appreciate that honesty is not a virtue you respect and you would rather spin it and lie that it is about water conservation as opposed to making billions from a massive scam.

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    Mute brian boru
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    Jun 5th 2016, 12:00 PM

    La la stuff T, we all know we pay for water through general taxation.
    That is why we have taxation to provide services to the citizens of the country. If there are no services then there is no need for taxation. I want to see my tax used to pay for services not squandered on gambling debts.

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    Mute Mark Dunne
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    Jun 5th 2016, 1:44 PM

    They water meter installers have no mandate
    If they’re not wanted at a house they should piss off!!!

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    Mute Oh Sheeple Stand Up
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    Jun 5th 2016, 7:01 PM

    But it is not about water quality. It is about selling it off to the lowest bidder. If it was about quality there would be no question about enshrining it in constitution and then people would happily pay.

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    Mute Chris Mansfield
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    Jun 5th 2016, 8:26 AM

    So Sweden gets called out in this article got the number of children that have gone missing, presumed into slavery there, and we want to follow their model for eliminating sex trafficking.

    Makes sense.

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    Mute John Campbell
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    Jun 5th 2016, 9:27 AM

    Must be the sun!! The headline is about 800 in slave labour in Ireland but is only mentioned in the first couple of sentences! Then the usual suspects start a row about the installation of water meters!!!!
    If it is known that approximately 800 people are in slave conditions in Ireland then why the heck are the appropriate authorities not all over this to stop it!!

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    Mute MOD
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    Jun 5th 2016, 8:10 AM

    Only 800 on jobsbridge !!!

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    Mute Durty Divil
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    Jun 5th 2016, 9:59 AM

    So all the thousands of Irish who were shipped to the Americas during the Atlantic slave trade were ‘indentured servants’ but these others are ‘modern slaves’.
    Sounds like the old indentured servitude is just a way to whitewash history then.

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    Mute SteveW
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    Jun 5th 2016, 8:41 AM

    Can’t wait till the blueshirts come online justifying this…

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    Mute Adrian
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    Jun 5th 2016, 7:58 AM

    There are probably an awful lot more when you consider unsatisfactory forced living conditions people can’t get out of due to incompetent gov imposed austerity.

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    Mute Martin Gallagher
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    Jun 5th 2016, 11:22 AM

    What, only 800 in labour slavery! I guess zero hour contracts don’t count as labour slavery in this survey?

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    Mute Welshhibby
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    Jun 5th 2016, 9:09 AM

    Any man who’s married is technically working as a slave…

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    Mute Leitrim303
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    Jun 5th 2016, 9:48 AM

    what about all the people on jobbridge

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    Mute John Joseph McDermott
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    Jun 5th 2016, 7:53 AM

    my sentiments too.
    However the figures are ridiculous low.
    https://youtu.be/myvyGl6yo64

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    Mute decky smith
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    Jun 5th 2016, 1:46 PM

    Get out and work for the min wage and make your boss rich

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    Mute Portia
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    Jun 6th 2016, 2:10 PM

    We are all slaves- bonded by our Berth/birth certs when our parents applied.

    Only difference is we are willing slaves -

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