Wednesday 25 April 2018

NAMA boss warns of staff 'exodus' over pay

NAMA Chief Executive Brendan McDonagh
NAMA Chief Executive Brendan McDonagh
Donal O'Donovan

Donal O'Donovan

THE head of NAMA has warned the agency could be damaged because it cannot keep up with private sector pay.

In a thinly veiled plea to be allowed to hike pay scales, Brendan McDonagh warned of "potentially serious consequences arising from the scale of staff turnover and the quality and experience of departing staff".

The NAMA chief executive also said the agency made a profit in the first half of 2013 but was only expected to break even over its 10-year existence.

However, Finance Minister Michael Noonan said he thinks NAMA could end up handing profits back to taxpayers in its later years if property prices "continue to rise".

Mr McDonagh earlier warned his agency was struggling to keep senior staff, even though it needs to recruit an additional 220 personnel to cope with loans that are likely to be transferred following the liquidation of IBRC, the former Anglo Irish Bank.

Average pay for the 250 staff at NAMA was just over €100,000 last year. However, it lost 28 staff so far this year, or 10pc of its head count, and the "exodus" is likely to continue, Mr McDonagh told the Public Accounts Committee. Pay at NAMA is set by the National Treasury Management Agency, and subject to caps from TDs.

Irish Independent

Today's news headlines, directly to your inbox every morning.

Editor's Choice

Also in Irish News