NTMA staff agree to take 15% pay cut

Top earners — apart from one — at the National Treasury Management Agency (NTMA) have caved into pressure from Finance Minister Michael Noonan and agreed to take a 15% pay cut.

Mr Noonan confirmed he sought the cuts from those earning over €200,000 as he further revealed that five staff received aggregate bonus payments of €62,610 in 2011.

The state agency, which manages the national debt and is the parent of Nama, falls outside public sector pay grades where a €200,000 pay cap applies.