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Dublin: 9 °C Wednesday 20 November, 2019
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No more consultations on salary waivers for NAMA/NTMA staff on over €200k

Finance Minister Michael Noonan said there will be no further discussions with three members of staff who refused to waive 15 per cent of their salaries.

Image: Money Piles via Shutterstock

THERE WILL BE no further negotiations between the Department of Finance and three staff at NAMA and the NTMA who have refused to waive 15 per cent of their salaries.

It was revealed last week that three employees who earn more than €200,000 annually decided against taking the pay cut for 2013.

Ten senior officials – including CEO of the NTMA, John Corrigan and NAMA’s CEO Brendan McDonagh – have agreed to the waiver again this year. For 2012, 13 of the 14 high earners agreed to the drop in salary.

Responding to a parliamentary question from Sinn Féin’s Pearse Doherty this week, Minister Michael Noonan said he does not plan to hold any further consultations on the matter, confirming that the three staff members would continue to be paid at the higher rate.

The identities of the three staff are unknown but Noonan said that the chief executives of the NTMA, NAMA, the National Development Finance Agency and six other members of the NTMA senior management team – are continuing to observe the voluntary pay cuts.

The NTMA is responsible for managing the country’s assets and liabilities and is currently overseeing Ireland’s return to normal lending markets.

NAMA has been overseeing the acquisition and eventual disposal of property development loans from Irish banks that are worth a total of €70 billion.

Read: Three NTMA staff earning over €200k won’t take pay cut this year

More: 24 staff at State’s debt management agency have company cars

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