Business

Friday 24 November 2017

NTMA staff get €79k in bonuses as Nama workers left empty-handed

Developer Johnny Ronan got rent for Nama HQ building. Photo: Gareth Chaney Collins
Developer Johnny Ronan got rent for Nama HQ building. Photo: Gareth Chaney Collins

Gordon Deegan

The Minister for Finance, Michael Noonan, has confirmed that the National Treasury Management Agency (NTMA) paid bonuses to staff for the first time since 2012 last year.

In a Dail response to Fianna Fail's Finance spokesman, Michael McGrath, Minister Noonan confirmed that a total of €79,200 in bonus payments was paid to 16 NTMA staff.

The National Asset Management Agency (Nama) operates under the NTMA umbrella, but Mr Noonan confirmed that no Nama staff received a bonus last year.

He also confirmed that no performance-related payments were made to any staff earning over €150,000. The bonus payments in 2014 represent an 84pc rise on the €43,000 paid out to six NTMA staff in 2012 with again none of the staff employed by Nama.

In 2011, the NTMA paid out €62,610 paid out in bonuses to five staff and this represented a dramatic reduction on the bonus payments of €1.9m shared by 258 NTMA staff in 2010.

Separately, Minister Noonan confirmed that a firm, Ambiorix Ltd, jointly controlled by developers Johnny Ronan and Paddy McKillen, last year received €1.98m in rent from Nama for its HQ at Treasury Buildings.

Both Mr Ronan and Mr McKillen - who have had their own battles with Nama- sit on the board of Ambiorix and jointly own the firm. The most recent accounts for the firm show it recorded profits of €7.4m in 2013 with accumulated profits jumping from €5m to €12.4. The vale of the firm's tangible assets in 2013 increased from €40m to €54m.

The €1.98m paid to Ambriorix was part of €3m paid out by Nama in rent and occupancy costs. Last year, Nama paid out €8.57m in legal fees and two Irish-based legal firms received fees totalling over €400,000 last year with McCann Fitzgerald receiving €582,000 and Ronan Daly Jermyn solicitors receiving €410,000. Mr Noonan also confirmed that Deloitte & Touche received €378,000 for internal audit costs with PwC receiving €376,000 for similar work.

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