Howlin unhappy with secrecy of NAMA pay levels

PUBLIC Expenditure Minister Brendan Howlin says he is unhappy with the lack of transparency surrounding senior pay at the NTMA and NAMA.

Figures suggest 16 staff at the agencies earn more than the €200,000 pay cap that Mr Howlin wants applied across the public service.

His comments came as NAMA chief executive Brendan McDonagh said he and his colleagues were “cognisant” of their responsibilities on the issue.

The NTMA is the state body that handles national debt, and incorporates NAMA, the body set up to handle toxic bank loans.

On Wednesday, Mr Howlin announced that a €200,000 pay cap would be applied to all future appointments to senior public service jobs.

He also requested existing civil servants earning above that figure to take voluntary pay cuts to bring their salaries in line with the cap.

But the cap is not being applied to either the NTMA or NAMA because of the belief that high salaries are required to attract the kind of financial expertise both agencies require.

Nonetheless, Mr Howlin wants existing NTMA and NAMA staff to volunteer pay cuts, and said yesterday he would like to see transparency on their salaries.

“I am not happy with the degree of secrecy that surrounds that,” he said.

“I do not know the pay rates in the NTMA. I know the chief executive’s pay, because he disclosed it to the Committee of Public Accounts, and the number who breach the €200,000 threshold, because that was indicated to that committee as well.

“The minister in charge of public expenditure does not know these sums as of right, which is not good. I certainly will be taking that matter up with (Finance) Minister Noonan, who has directly responsibility.”

The figures supplied to the committee last year showed 16 staff at the NTMA and NAMA earned over €200,000 a year.

They included NTMA chief executive John Corrigan, who earned €490,000 last year, and NAMA boss Mr McDonagh, whose 2010 salary was €430,000.

Mr McDonagh said he had taken a 30% cut in his remuneration this year and would discuss the issue further with Mr Noonan.

“All I will say in general terms is that my colleagues and myself are very cognisant of our responsibilities and we are very cognisant of the effect on the real economy. We have already shown that and took a lead early on this year… where we took substantial reductions in our remunerations.”

Asked if he would consider taking a further salary cut, Mr McDonagh replied: “I will certainly think about that when I have a discussion with the minister. Already this year I’ve taken a 30% reduction in my salary, my overall remuneration, so I do think I have made a substantial contribution.”