Thursday 22 February 2018

NTMA's top three pensions dwarf 70pc of staff salaries

The top pension is believed to go to former NTMA boss Michael Somers, who confirmed in 2012 that he was in receipt of a pension of €265,000 – the highest in the public sector. Photo: Frank McGrath
The top pension is believed to go to former NTMA boss Michael Somers, who confirmed in 2012 that he was in receipt of a pension of €265,000 – the highest in the public sector. Photo: Frank McGrath

Gordon Deegan

Three NTMA retirees receive more in their pension payments than 70pc of the state agency's staff get in annual salaries, according to figures provided by the Finance Minister Michael Noonan.

In a written Dail response to Sinn Fein's finance spokesman Pearse Doherty, Mr Noonan confirmed that one former employee at the National Treasury Management Agency receives a pension of between €200,000 and €300,000 per annum, with two others getting pensions of between €100,000 and €200,000.

The top pension is believed to go to former NTMA boss Michael Somers, who confirmed in 2012 that he was in receipt of a pension of €265,000 – the highest in the public sector.

He retired in 2009 and last year's public-service pay cuts reduced his pension.

However, the three NTMA 'pensioners' receive more than 481 staff at the NTMA are paid in their annual salaries. That includes 223 staff at NAMA.

Figures provided by Mr Noonan show that 481 staff at the NTMA are in receipt of salaries of less than €100,000, with 162 on salaries of between €100,000 and €200,000 and 10 in the €200,000 to €300,000 salary bracket.

Three – including NAMA chief Brendan McDonagh – receive salaries of between €300,000 and €400,000 and only one employee, NTMA chief executive John Corrigan, is paid more than €400,000.

Bankers

Mr Noonan further confirmed that the Bank of Ireland chief executive Richie Boucher received remuneration of €843,000 in 2013. His AIB counterpart David Duffy received a €546,000 package.

The Mercer Report on bank pay last year revealed that 11 staff at Bank of Ireland enjoyed remuneration of over €500,000 and a further 15 got between €400,000 and €500,000. Thirty-four received between €300,000 and €400,000.

The report found that 11 AIB staff received between €400,000 and €500,000, with a further 11 receiving between €300,000 and €399,999.

In his written reply, Mr Noonan said: "Since the Mercer Report was published, further remuneration reductions have been targeted and implemented by the various banks, particularly in the pensions area."

Mr Doherty said: "These figures make it clear that the whole Mercer process was simply an expensive charade which did not hit the top bankers in any way. The report cost the taxpayer €119,000 plus VAT.

"Minister Noonan has the opportunity at next week's Bank of Ireland AGM to show his disapproval by using his shares to vote against Richie Boucher's obscene salary."

He added: "The confirmation that the top bankers are still winning huge salaries will be salt in the wound to bank workers and customers of banks, whose belligerent attitude to struggling homeowners and small businesses has rightly caused public anger."

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business