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NAMA board get pay increase of up to 70pc

National Assets Management Agency (NAMA) board members have received a hike in salary -- despite being less than three months in the job.

Finance Minister Brian Lenihan yesterday confirmed he had approved a new fee structure for the nine-strong board in light of their increased workload.

The board's chair, former Revenue Commissioner boss Frank Daly, will receive €170,000, a 70pc increase on his original pay packet of €100,000. And the team of ordinary members will receive an annual fee of €50,000, rather than the €38,000 first proposed.

The board, which comprises of six ordinary members, two ex-officio members and one chairperson, were appointed by Mr Lenihan in December

They have responsibility for shaping NAMA and will decide the future of developers, ranging from household names to small-time developers.

Besides Mr Daly, the ordinary members of NAMA's board are former AIG official Eilish Finan, former Bank of Ireland board member Michael Connolly, bank director and auditor Peter Stewart, insolvency expert Brian McEnery and former Fingal county manager Willie Soffe.

They will be joined by member International Monetary Fund official Steven Seelig in May.

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