NAMA staff exempt from pay cuts

STAFF at the National Asset Management Agency (NAMA) will be exempt from the public service pay cut, the Department of Finance has confirmed.

NAMA, which will relieve the banks of their higher-risk loans, is being established under the aegis of the National Treasury Management Agency (NTMA), the body which manages the national debt.

The NTMA has traditionally set its own pay rates for staff in order to compete with the private sector for high-calibre employees.