€560,000 salary package for new chief of NTMA
The new head of the state's debt management agency will earn more than €560,000.
Former stockbroker Conor O'Kelly will be paid a basic annual salary of €480,000, plus an €86,000 contribution, 18pc of his salary, to a defined contribution pension pot as chief executive of the National Treasury Management Agency (NTMA). He has been appointed for a five-year term.
Mr O'Kelly, the former head of NCB Stockbrokers, will take over from John Corrigan when the latter retires on January 4 after a five-year term during which he oversaw the country's return to the international markets.
Mr Corrigan had been entitled to a basic salary of €490,000, but this was reduced to €416,500 after he agreed to take a 15pc cut in 2012 following a request from Finance Minister Michael Noonan. His salary package included a car and health insurance, but the NTMA confirmed yesterday that Mr O'Kelly's pay package does not include a car or car allowance.
The NTMA said the minister agreed the salary based on the advice of NTMA's advisory committee, chaired by International Airlines Group chief Willie Walsh.
"The Committee, having considered the breadth of responsibilities of the post and private sector analogues, recommended an annual salary of €480,000.
"The NTMA is a commercial, market facing organisation and the salary level reflects what is required to attract candidates of the calibre and with the skills and experience necessary to successfully perform these functions and generate value for the State."
Mr O'Kelly will also be entitled to a non-pensionable, discretionary performance related pay arrangement.
"The details of the scheme and criteria to be applied will be determined by the incoming NTMA board in consultation with the Minister," the NTMA said.
Mr Noonan paid tribute to Mr Corrigan and welcomed Mr O'Kelly.
Mr O'Kelly is the former chief executive of NCB Group. In 2003 he led a management buyout of NCB, which was subsequently sold to Investec. Prior to joining NCB, where he was also head of Fixed Income, Mr O'Kelly held senior management positions in investment banking with Barclays Capital in London, Tokyo and New York.
He said yesterday that he was "honoured and delighted" to be chosen to replace Mr Corrigan.