Wednesday 26 October 2016

NTMA staff get €79k in bonuses as Nama workers left empty-handed

Gordon Deegan

Published 02/07/2015 | 02:30

Developer Johnny Ronan got rent for Nama HQ building. Photo: Gareth Chaney Collins
Developer Johnny Ronan got rent for Nama HQ building. Photo: Gareth Chaney Collins

The Minister for Finance, Michael Noonan, has confirmed that the National Treasury Management Agency (NTMA) paid bonuses to staff for the first time since 2012 last year.

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In a Dail response to Fianna Fail's Finance spokesman, Michael McGrath, Minister Noonan confirmed that a total of €79,200 in bonus payments was paid to 16 NTMA staff.

The National Asset Management Agency (Nama) operates under the NTMA umbrella, but Mr Noonan confirmed that no Nama staff received a bonus last year.

He also confirmed that no performance-related payments were made to any staff earning over €150,000. The bonus payments in 2014 represent an 84pc rise on the €43,000 paid out to six NTMA staff in 2012 with again none of the staff employed by Nama.

In 2011, the NTMA paid out €62,610 paid out in bonuses to five staff and this represented a dramatic reduction on the bonus payments of €1.9m shared by 258 NTMA staff in 2010.

Separately, Minister Noonan confirmed that a firm, Ambiorix Ltd, jointly controlled by developers Johnny Ronan and Paddy McKillen, last year received €1.98m in rent from Nama for its HQ at Treasury Buildings.

Both Mr Ronan and Mr McKillen - who have had their own battles with Nama- sit on the board of Ambiorix and jointly own the firm. The most recent accounts for the firm show it recorded profits of €7.4m in 2013 with accumulated profits jumping from €5m to €12.4. The vale of the firm's tangible assets in 2013 increased from €40m to €54m.

The €1.98m paid to Ambriorix was part of €3m paid out by Nama in rent and occupancy costs. Last year, Nama paid out €8.57m in legal fees and two Irish-based legal firms received fees totalling over €400,000 last year with McCann Fitzgerald receiving €582,000 and Ronan Daly Jermyn solicitors receiving €410,000. Mr Noonan also confirmed that Deloitte & Touche received €378,000 for internal audit costs with PwC receiving €376,000 for similar work.

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