National Treasury Management Agency staff set for over €710,000 in bonuses

A group of high-fliers at the National Treasury Management Agency (NTMA) are in line to share retention and contract completion ‘bonus’ payments of over €710,000.

That is according to figures provided by the Minister for Finance, Michael Noonan showing four staff at the agency are in line to receive €380,000 in ‘retention payments’.

The four have already received so-called ‘retention payments’ of €170,000 this year and last year. The group includes three already on salaries of €150,000 to €200,000.

In a written Dáil reply to Fianna Fáil finance spokesman, Michael McGrath, Mr Noonan said another €210,000 “potentially remains to be paid if the employees in question remain in employment until specific dates in 2016 and 2017”.

In addition to the ‘retention payments’, Mr Noonan has confirmed that there is a pay-pot of €331,414 for a further 23 workers on fixed-term contracts at the NTMA, resulting in an overall payout of €711,414 between the two schemes.

In his reply, Mr Noonan said that in 2015 €81,956 was paid to 15 employees upon expiry of their fixed-term contracts and this followed €53,208 being paid to 10 employees upon expiry of their fixed-term contracts in 2014.

“There are three such contract completion arrangements outstanding and a total of €196,250 potentially remains to be paid to the employees in question upon completion of their fixed-term contracts.

“No contract completion payments will be made to any of the three employees in question if they become a permanent employee,” he said.

According to Mr Noonan, the practice of entering into employment contracts providing for retention payments or contract completion payments has been discontinued at the NTMA.

He said: “No retention arrangement has been entered into since mid-2014.”

The NTMA is the third State agency to agree a ‘retention payment’ scheme with staff.

Already, the Central Bank has confirmed it has paid out around €234,176 in such retention payments to staff since 2011 while Nama staff availing of ‘retention payments’ will receive payments from a €20m pot earmarked for voluntary redundancy severance packages for people exiting.

That also includes funding for staff remaining at Nama.

No Nama employee has yet to receive a retention payment or bonus payment in 2014 or this year.

The issue of ‘retention payments’ at the Central Bank resulted in 92% of Unite members at the bank voting in favour of a vote of no confidence in Central Bank management.

One NTMA employee received a retention payment of €60,000 last year while this year three individual staff members have received an aggregate €120,000 in such payments.

An NTMA spokesman has previously stated that retention payments made by the agency are “on a limited and exceptional basis in order to retain the expertise and experience of key staff in critical business areas”.

Mr McGrath said yesterday: “The NTMA has a duty to be transparent in relation to the payment of bonuses and retention payments and the criteria they apply.

“It should always be based on a clear business case that the payment will result in a greater return for the public that would occur in the absence of incurring the cost involved.”