Sunday 18 March 2018

Bonuses and high pay still in place at NTMA

NTMA chief executive John Corrigan
NTMA chief executive John Corrigan
Colm Kelpie

Colm Kelpie

SIX staff at the state's debt management agency received performance-related payments totalling €43,100 last year.

None of those that took the bonus earned more than €200,000.

However, 15 staff took home pay packets in excess of €200,000.

The National Treasury Management Agency (NTMA) said a performance related pay provision is built into the contracts of most of its employees.

"Reflecting remuneration structures in sectors the NTMA recruits from, a performance-related pay provision is built into the contract terms of most employees," according to the NTMA's annual report.

"However, the NTMA made performance related payments to only six staff in respect of 2012."

Earlier this year it emerged that three NTMA staff earning more than Taoiseach Enda Kenny have failed to take a salary cut this year despite a request from the Government to do so.

In December 2011, the minister asked those earning more than €200,000 to consider at least a 15pc cut, or to bring their salary down to €200,000 if 15pc brought it below that mark. Fifteen were eligible last year and all accepted the request, and 13 were eligible this year. Ten of the 13 continued with the lower salary this time around.

The state's toxic loans agency NAMA and the National Development Finance Agency (NDFA) fall under the NTMA umbrella.

Ten staff – including the NTMA, NDFA and NAMA chief executives – took up the minister's request this year. Three did not.

NTMA chief executive John Corrigan was eligible for a salary of €416,500 last year, along with taxable benefits of €29,600.

Benefits include a car and health insurance.

He is also entitled to a performance-related payment of up to 80pc of annual salary.

However, he waived this payment last year, as well as in 2011 and 2010.

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