Developers get ‘salaries’ of €200k from NAMA

TWO property developers are effectively receiving annual salaries of €200,000 from NAMA, the Public Accounts Committee heard yesterday.

The identities of the two developers have not been disclosed by NAMA, but both are understood to be managing multi-billion euro property portfolios. In total, NAMA is paying ‘salaries’ to between 110 and 120 developers, with the majority receiving between €70,000 and €110,000 per year.

NAMA chief executive Brendan McDonagh told the committee meeting that the agency is not paying developers directly, but is allowing them an allocation from rental income they generate from their NAMA-based properties.