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NAMA seeks 50 staff to cope with increased workload

NAMA is gearing up to hire another 50 staff within the next four months, increasing its headcount by 50pc.

The news follows a significant rise in the number of developers Nama will have to directly manage. Nama originally expected to manage the accounts of about 80 of Ireland's biggest developers, but is now charged with directly overseeing more than 150 accounts.

Sources last night confirmed the extra jobs would be filled within the next "three or four months".

The positions will be specialist roles such as portfolio management and credit control.

The salaries of the new recruits are unknown. In November, there was consternation at a Public Accounts Committee (PAC) meeting when it emerged that Nama employees could earn an average of €200,000 in 2010.

Nama remains locked in a bitter dispute with the PAC over disclosing the details of those staff salaries. The PAC has twice asked Nama to break down how much it pays its staff, prompting the agency to disclose salary bands but not individuals' packages.

Nama has stressed that it employs highly skilled staff who are on individual contracts, which are not typically disclosed by employers. Nama bosses also defended the high salary costs, with chief executive Brendan McDonagh stressing that his organisation had an obligation to find the "best" people.

"If we are competing in the market to manage effectively a €30bn exposure for the taxpayer, we need to find the right people to be able to do that and to protect the interests of the taxpayer," Mr McDonagh said.

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