Business Irish

Thursday 14 December 2017

Noonan details NTMA bonuses

Gordon Deegan

THE National Treasury Management Agency has slashed bonuses for staff and also paid less overtime, according to new figures.

Finance Minister Michael Noonan said six staff at the agency shared bonus payments of €43,000 last year. That compares to €62,610 paid out in bonuses to five staff at the NTMA in 2011, and €1.9m shared by 258 NTMA staff in 2010.

None of the six staff who received bonuses last year work at the National Asset Management Agency, which operates under the NTMA umbrella.

Mr Noonan added that 1,088 individual employees and four groups of staff at the Revenue Commissioners shared €165,077 in "exceptional performance awards" last year, while a further group of around 1,000 people received an average of around €4,000 each for overtime and the like.

In a written Dail response to Independent TD Thomas Pringle, Mr Noonan said 59 staff at the NTMA received additional payments of €140,500. The agency paid €170,364 to 74 employees in 2011.

"These payments were to employees on lower salaries who contributed significant additional work hours," said Mr Noonan.

"The NTMA does not have formal overtime payment arrangements in place for staff."

NTMA boss John Corrigan was paid €446,100 made up of €416,500 in basic salary and taxable benefits of €29,600. NAMA boss Brendan McDonagh got €388,164 made up of €365,500 and taxable benefits of €22,664. They agreed to waive 15pc of their salaries and have not got a bonus in three years.

The NTMA falls outside public sector pay grades, where a €200,000 pay cap applies.

Mr Noonan also said that the chief executive of the National Development Finance Agency (NDFA), Brian Murphy, received €324,762 that included a basic salary of €297,000 and taxable benefits of €27,762.

Irish Independent

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