14 NTMA employees paid more than €200k despite public sector pay cuts

Finance Minister Michael Noonan has said 14 employees at the National Treasury Management Agency were paid salaries over €200,000 last year, even after public sector pay cuts last July.

In a written Dáil response to Sinn Féin’s Pearse Doherty, Mr Noonan said that, at the end of Dec 31, one NTMA employee earned over €400,000 with three others earning between €300,000 and €400,000.

Those earning €300,000 to €400,000 include two from the National Asset Management Agency, which falls under NTMA’s aegis.

At the end of December, NTMA employed 32, with Nama employing 332.

Mr Noonan confirmed that eight employees at NTMA and two at Nama earned between €200,000 and €300,000.

An additional 162 employees — 105 from Nama and 57 from the NTMA — received salaries between €100,000 and €200,000.

Salaries up to €100,000 were paid to 223 staff at Nama and 258 at NTMA.

Last July, as part of fresh public pay cuts, staff at NTMA lost their exemption from public pay cuts and those earning over €200,000 at NTMA received cuts of 10% in salary.

The NTMA employees earning between €100,000 and €200,000 incurred pay cuts between 8% and 10%.

The cuts coincided with the numbers leaving Nama last year increasing by more than 30% on 2012.

According to figures provided by Mr Noonan in a separate written Dáil answer to Fianna Fáil finance spokesman Michael McGrath, 29 workers left Nama last year, an increase of 31% on the 22 that left Nama in 2012, with eight departing in 2011 and three in 2010.

The two top earners at NTMA and Nama prior to the pay cuts were NTMA chief executive John Corrigan (annual remuneration of €416,500 with taxable benefits of €29,500) and Nama CEO Brendan McDonagh (remuneration: €365,500).

In 2012, six NTMA staff received performance-related payments of €43,100. Mr Noonan said no decision has yet been made on the subject of performance-related payments for 2013.

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