Arthur Morgan (Louth, Sinn Fein)
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Question 72: To ask the Minister for Finance the level of remuneration for board members of the National Asset Management Agency; if this was set prior to the pay cuts announced in budget 2010; if these pay cuts apply; and if he will make a statement on the matter. [11447/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Under section 21 (1) and 25 (9) of the National Asset Management Agency (NAMA) Act 2009, I have approved the following fee arrangements. In setting the fees account was taken of the critical importance of the work to be undertaken by the Board and the fact that its workload will be excessive by normal standards in the first year of operation. I intend to review the fees after a year. Chairperson - all inclusive fee of €170,000 per annum on the understanding that the incumbent is available without restriction.Chairperson of Credit Committee - all inclusive fee of €150,000 per annum on the understanding that the incumbent works no less than 3 to 4 days a week. Ordinary Board Members - fee of €50,000 per annum. Chair of other Committees - fee of €10,000 per annum in addition to Ordinary Board Member fee subject to a maximum of one per member.

The Board was appointed on 22 December 2009. Originally, the fees for the Chairperson and Ordinary Board Members were set at €100,000 and €38,000 respectively. Following discussions with the Chairperson and the Chief Executive of the National Treasury Management Agency last month and in light of the workload of the Board's operations over the initial period of its operation I revised these fees from a current date.