Thursday 22 August 2019

Nama's staff pocket €172m in five years

Finance Minister Michael Noonan
Finance Minister Michael Noonan

Sarah McCabe

Nama has paid out €172m in salaries and pension contributions to staff in the past five years.

Staffers at the state agency, which was set up to rehabilitate and sell bad debts incurred by nationalised banks, have received €172.3m in salaries and pension payments since the start of 2010.

The salary bill incurred by the organisation over five years was released by Finance Minister Michael Noonan in the Dail during the week in response to a parliamentary question by Wicklow TD Billy Timmins.

Nama's salary and pension bill grew from €9.2m in 2010 to a peak of €40.9m in 2014 and stood at €33.1m for the 10 months to the end of October this year.

Its salaries and pensions are paid by its parent organisation, the National Treasury Management Agency (NTMA).

The number of Nama staff earning over €100,000 was 112 last year, a previous Dail sitting heard, attracting criticism from opposition and commentators. However, chief executive Brendan McDonagh has expressed concern over the loss of workers and Nama's ability to hold on to staff with the requisite skills and experience to manage its portfolio.

Staff numbers at Nama stand at around 341, down from 369 at the end of 2014.

The organisation is in an accelerated wind-down.

Its current strategy is to reduce its headcount from 342 to 291 by the end of the year and to 125 by the end of 2016, subject to meeting targets.

Sunday Indo Business

Also in Business