The National Asset Management Agency has agreed to pay accountancy firm Deloitte & Touche almost €900,000 a year to carry out internal audit services.
The matter was raised at the Oireachtas Public Accounts Committee last week.
In a letter to PAC Chairman Bernard Allen dated 20 November, NAMA Chief Executive Brendan McDonagh confirmed that following an EU public procurement competition, it had been decided to pay €890,690 a year to Deloitte & Touche for 8,058 hours of work.
This works out at an average hourly rate of €110.50.
A spokesperson for NAMA said that value for money was a priority in all tenders and described this rate as 'competitive'.
