112 Nama salaries now exceed €100k
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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