More than three out of every four staff at the National Asset Management Agency (NAMA) earned over €100,000 last year.
New figures show that of the 81 staff employed at NAMA last year, 60 earned over €100,000 with eight earning over €175,000 including ceo, Brendan McDonagh whose pay package increased marginally to €451,812 that included pension contributions of €21,812.
The 2024 annual report shows that aggregate bonus payments of €300,000 were paid out to 51 staff compared to 31 staff receiving bonus payments in 2023.
Mr McDonagh’s contract included a discretionary performance related pay element of 60% of basic pay but the report stated that he waived his bonus entitlements for 2023 and 2024.
Another staff member received between €275,000 and €300,000 while four more received pay between €200,000 and €225,000.
Four staff members were classified as key management personnel last year and they shared €1m in pay.
The agency is currently in wind-down mode and the report reveals that in 2024, it commenced its final Voluntary Redundancy Scheme (VRS) and 75 staff are provided for in the 2024 scheme with a total cost of €12.4m concerning termination benefits.
The terminal benefits include VRS and garden leave payments with the VRS including redundancy payments of €7.4m and €1.9m related to the NAMA retention scheme
The report states that under the 2024 VRS, 75 staff will be placed on garden leave from three to six months and the garden leave component cost €3.2m.
The report states that NAMA’s hospitality expenditure totalled €17,489 made up of €12,025 in staff events, €4,564 in sports and social contributions and €900 in staff well being.
The report states that the majority of the staff well being costs related to classes and well-being programmes and they are organised by the National Treasury Management Agency (NTMA).
The report also states that an event was held during the year to give a business update to NAMA staff and to recognise the important and valued contribution made by NAMA state as a cost of €6.500.
The report shows that legal fees almost tripled from €394,000 to €1.106m while rental or occupancy costs last year increased from €1.84m to €2.02m.
The report states that NAMA is progressing its wind-down and is on track to complete all steps by the end of December. The report states that NAMA’s total contribution to the exchequer will be €5.5bn.
Reporting by Gordon Deegan
