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Saturday 30 August 2014

NAMA developers to keep hold of €15.5m in wages

Gordon Deegan

Published 09/11/2012 | 05:00

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Mr Noonan said NAMA takes a large number of factors into account before approving the overhead allocation for any debtor to operate its business.

NAMA developers will retain €15.5m in salaries this year, Finance Minister Michael Noonan has confirmed.

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Three of the 168 developers will receive salaries of more than €200,000 each in 2012.

A further 25 will retain salaries of between €150,000 and €190,000. Mr Noonan confirmed that a further 38 will be paid a salary of between €100,000 and €149,000 this year.

And 73 are receiving incomes of between €50,000 and €99,000, with 29 receiving payments up to €49,000.

Mr Noonan said NAMA takes a large number of factors into account before approving the overhead allocation for any debtor to operate its business.

"These include the overall value of the assets, the debtor's level of co-operation, knowledge of the assets, experience and the agency's view of the extent to which he can add value."

He said NAMA has permitted 168 principals to retain salaries from rental and other income generated by their cash producing assets, where it has determined that this represents the best and most cost-effective option.

Mr Noonan stressed the developers were not paid salaries by NAMA as it is not their employer. He said in certain cases NAMA allows debtors to retain part of the income from assets to pay overheads where necessary for the preservation and enhancement of the value of property securing its loans.

"These costs may include an allowance for the remuneration of debtors and the staff employed by the debtor to manage the assets when the agency decides that this offers the best and most cost effective option for the taxpayer," he added.

Mr Noonan said NAMA does not permit any payment in circumstances where the debtor's business plan is unacceptable or the debtor is not co-operating.

Irish Independent

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