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Senior NTMA and NAMA staff waived €850k bonuses for 2010

While some staff at the National Treasury Management Agency received bonuses, three major CEOs declined theirs.

NTMA chief executive Brendan McDonagh declined a bonus of €392,000 last year - though he did receive a salary of €490,000.
NTMA chief executive Brendan McDonagh declined a bonus of €392,000 last year - though he did receive a salary of €490,000.
Image: James Horan/Photocall Ireland

THREE CHIEF EXECUTIVES at the agencies responsible for managing the State’s assets, investments and national debt all declined their bonuses for 2010, it has emerged.

Figures obtained by RTÉ showed that while a number of staff at the National Treasury Management Agency – and NAMA, which is a subsidiary of the agency – did receive bonuses, senior managers opted not to accept theirs.

John Corrigan of the NTMA, Brendan McDonagh of NAMA, and Brian Murphy of the National Development Finance Agency all turned down their bonuses – all of which were worth at least 60 per cent of their basic salaries.

Corrigan could have received a payment of €392,000, McDonagh was due €258,000, and Murphy could have received €198,000 – meaning a combined saving of €848,000.

The trio still received salaries of €1.25m for the 2010 calendar year, however.

Corrigan’s predecessor at the helm of the NTMA, Michael Somers, was once Ireland’s top-earning public servant – famously receiving over €1m between salaries and bonuses in 2008.

McDonagh’s decision not to accept his NAMA bonus came on the back of the state’s ‘bad bank’ reporting an annual loss of €714m earlier this year.

About the author:

Gavan Reilly

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