Agency directors given pay hikes by Government
THE Department of Finance has defended the increase in fees for directors of the National Asset Management Agency (NAMA), saying they would be reviewed at the end of the first year and the volume of work to be done would be higher than in subsequent years.
A spokesman said the chairman, Frank Daly, would be expected to be available on a full-time basis, while the chairman of NAMA's credit committee would have to be available for three to four days a week.
The spokesman also claimed that the fees being paid were less than those paid to directors of a bank of an equivalent size.
Mr Daly will receive €170,000 this year, up 70pc from the previous €100,000.
The other six members of the board will receive a 32pc increase in their fees, from €38,000 to €50,000.
Sinn Fein's finance spokesman Arthur Morgan, who requested the pay details, called for the increase to be revoked, saying it was an insult to public sector workers.
Fine Gael's finance spokesman Richard Bruton said the reported 70pc increase was "disconcerting".
"Just three months after they started work, it does seem excessive.
"These fees should at least be tied to a successful outcome for the NAMA project and the successful protection of taxpayers' interests," he said.
A spokesman for NAMA said it had no comment to make on the fees paid to its directors.
NAMA board member Michael Connolly, a former member of Bank of Ireland's senior management team, has been appointed head of the agency's credit committee, the Irish Independent has learned.