McWilliams: Monkey could have done ex-treasury boss’s job

ECONOMIST David McWilliams has launched a stinging attack on the pay and pension received by former National Treasury Management Agency (NTMA) boss Michael Somers, saying “a monkey” could have done his job.

The highly-regarded Dr Somers retired last December after serving since 1990 as chief executive of the NTMA, which manages the national debt.

Earlier this year, it was reported that Dr Somers’s pay package in the year prior to his retirement had come to circa €1m – consisting of salary of €565,000 and bonus of €403,000.

He also confirmed to a Sunday newspaper that, upon retirement, he had received a lump-sum payment of €842,000 and a pension worth €265,000 a year.

Mr McWilliams, speaking during a debate on public service pay and pensions, questioned both the salary and retirement package.

“There’s no reason for somebody who actually raises money in the monetary union [to] get paid more than €80,000,” he said.

“The fact that Michael Somers walks away with nearly €1m ... he does what junior analysts do in banks. He picks a spot in the yield curve, says: ‘That could be borrowed there.’

“It’s a job a monkey could do.”

Mr McWilliams was speaking during the Leviathan Political Cabaret event at the National Concert Hall. The reference to the €80,000 figure was prompted by a member of the audience, who suggested this was the maximum any public servant should be paid.

Fine Gael senator Paschal Donohoe disagreed with an €80,000 cap. While saying the pay of the Taoiseach, TDs and senators should be cut, he said it would be difficult to attract high-calibre people to run major state agencies for €80,000 a year.