Saturday 24 March 2018

'Loyalty bonuses' of €710k for NTMA staff

Michael McGrath
Michael McGrath

Gordon Deegan

A select group of high-fliers at the National Treasury Management Agency (NTMA) are in line to share retention and contract completion 'bonus' payments of over €710,000.

That is according to figures provided by the Minister for Finance, Michael Noonan, that show that four staff at the NTMA are in line to receive €380,000 in 'retention payments'.

The four - which includes three already on salaries between €150,000 and €200,000 - have already received so-called 'retention payments' of €170,000 this year and last year.

In a written Dail reply to Fianna Fail Finance spokesman, Michael McGrath, Minister Noonan has stated that another €210,000 "potentially remains to be paid if the employees in question remain in employment until specific dates in 2016 and 2017".

In addition to the 'retention payments', Minister Noonan has confirmed that there is a pay-pot of €331,414 for a further 23 workers on fixed-term contracts at the NTMA resulting in an overall payout of €711,414 between the two 'bonus' schemes.

In his reply, Minister Noonan confirmed that in 2015 a total of €81,956 was paid to 15 employees upon expiry of their fixed-term contracts and this followed a total of €53,208 being paid to 10 employees upon expiry of their fixed-term contracts in 2014.

Minister Noonan told Deputy McGrath: "There are three such contract completion arrangements outstanding and a total of €196,250 potentially remains to be paid to the employees in question upon completion of their fixed-term contracts."

According to Minister Noonan, the practice of entering into deals providing for retention payments or contract completion payments has been discontinued at the NTMA.

He said: "No retention arrangement has been entered into since mid 2014."

The NTMA is the third state agency to agree a 'retention payment' scheme with staff.


Already, the Central Bank has confirmed it has paid out around €234,176 in such retention payments' to staff since 2011 while NAMA staff availing of 'retention payments' will receive payments from a €20m pot earmarked for voluntary redundancy severance packages for people exiting that also includes funding for staff remaining at NAMA.

One NTMA staff member received a retention payment of €60,000 last year while three staff members received an aggregate €120,000.

An NTMA spokesman has previously stated that retention payments made by the NTMA are "on a limited and exceptional basis in order to retain the expertise and experience of key staff in critical business areas".

Staff at the NTMA are well paid with 72 staff on salaries between €100,000 and €200,000 with a further six earning between €200,000 and €300,000 and two earning over €300,000.

Irish Independent

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