NTMA restarts bonus payments with near €80,000 outlay in 2014

Finance Minister Michael Noonan has confirmed that the National Treasury Management Agency (NTMA) last year paid bonuses to staff for the first time since 2012.

NTMA restarts bonus payments with near €80,000 outlay in 2014

In a Dáil response to Fianna Fáil’s finance spokesman Michael McGrath, Mr Noonan confirmed that bonus payments of €79,200 were paid to 16 NTMA staff in 2014.

Mr Noonan confirmed, however, that no staff at Nama — which also operates under the NTMA umbrella — received a bonus last year. He further confirmed that no performance-related payments were made to any staff earning over €150,000.

The bonus payments in 2014 represent an 84% increase on the €43,000 paid out to six NTMA staff in 2012, and again none of the staff were employed by Nama. In 2011, the NTMA paid out €62,610 in bonuses to five staff and this represented a dramatic reduction on the bonus payments of €1.9m shared by 258 NTMA staff in 2010.

Separately, Mr Noonan confirmed that a firm, Ambiorix Ltd — jointly controlled by developer Johnny Ronan and Paddy McKillen — last year received €1.98m rent from Nama for its headquarters at Treasury Building, Dublin.

Both Mr Ronan and Mr McKillen — who have had their own battles with Nama — sit on the board of Ambiorix and jointly own the firm.

The most recent accounts for the firm show that it recorded profits of €7.4m in 2013, with accumulated profits jumping from €5m to €12.4m. The value of the firm’s tangible assets in 2013 rose from €40m to €54m.

The €1.98m paid to Ambriorix last year was part of €3m paid out by Nama in rent and occupancy costs. Some €406,000 was paid out to Active Facilities and Property Management; €514,000 to Savills Commercial (Ireland) Ltd, €112,000 to Energia and €45,000 to CRM Commercial Refurbishment and Management.

Last year, Nama paid out €8.57m in legal fees and two legal firms in Ireland received fees totalling over €400,000 last year, with McCann Fitzgerald receiving €582,000 and Ronan Daly Jermyn solicitors receiving €410,000.

Other firms to receive six figure sums for legal work include €283,000 to Arthur Cox; €245,000 to Eugene F Collins; €240,000 to Beauchamps Solicitors; €208,000 to Mason Hayes + Curran; €177,000 to Hayes Solicitors; €157,000 to LK Shields Solicitors; €151,000 to Lavelle Coleman Solicitors; €130,000 to Byrne Wallace; €129,000 to Matheson; €116,000 to A&L Goodbody Solicitors; €112,000 to Eversheds O’Donnell Sweeney and €101,000 to Maples & Calder.

Nama spent a further €7m in Portfolio Transition Costs with €5m to the IBRC and €3.69m to Capita Asset Services (Ireland) Ltd. Mr Noonan also confirmed that Deloitte & Touche received €378,000 for internal audit costs with PWC receiving €376,000 for the same work. Nama last year spent €4.3m on finance, communication and technology costs with Fenergo receiving the highest amount at €1.97m followed by KPMG who received €915,000 and PWC which received €259,000.

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