112 Nama salaries now exceed €100k

The number of high fliers at the National Asset Management Agency (Nama) earning over €100,000 last year increased to 112.

New figures show that in spite of Nama’s recently stated aim to wind down its operations and make staff redundant, the number of staff last year earning more than €100,000 rose from 110 to 112.

The number of staff earning over €100,000 at the end of December last year, compared to 92 earning over €100,000 at the end of December 2012 and 87 earning over that figure in 2011.

The top earner at Nama is its chief executive, Brendan McDonagh, who receives a salary in excess of €350,000.

Numbers employed by Nama also increased last year, going from 331 at the start of the year to 369 at the end of December .

However, staff numbers have since fallen to 363.

The figures were disclosed in a written Dáil response from Finance Minister Michael Noonan to Fine Gael TD Michelle Mulherrin.

In a separate PQ response to Ms Mulherrin, Mr Noonan revealed the bonanza that Nama has been paid to professional firms based mainly in Dublin.

Mr Noonan confirmed that a further €13m was spent on professional fees by Nama last year, including the spend on legal fees more than doubling to €8.5m.

He revealed that, since 2010, Nama has spent €148.5m in professional fees with €64m claimed back from the participating banks following the loan acquisitions.

Mr Noonan confirmed that, along with €8.57m on legal fees, a further €3.77m was spent on ‘portfolio management fees’.

The €13.1m spend by Nama on professional fees last year represents a 32% rise on the €9.9m spent on professional fees in 2013, with the prime driver behind the increase being the 188% increase on legal fees from €2.975m in 2013 to €8.57m in 2014.

The establishment of Nama has been a boon to legal firms, with €28.97m paid out from 2010to 2014.

Earlier this month, Mr Noonan stated that the cost of the redundancy scheme at Nama will not be more than €20m.


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