Nama wants Michael Noonan to sanction ‘flexible’ pay for key staff

Nama bosses have warned Finance Minister Michael Noonan they must have flexibility in deciding pay levels for key staff, if the agency is to deliver its €4.5bn house building programme.

Last year, Mr Noonan set Nama a target of building 20,000 homes, mainly in the greater Dublin area.

Now, in a letter released in response to a Freedom of Information request, Nama chairman Frank Daly and chief executive Brendan McDonagh have said achieving the 20,000 target “will require Nama to maintain and enhance its infrastructure and expertise”.