Mr. John Corrigan:

I will deal with the issue of pay first. The NTMA was established outside the Civil Service in order that it might recruit those who possess the necessary skills and bring professionalism to the market-facing activities in which the State must necessarily be involved.

It has operated on that basis since its inception in 1990. As we are acutely conscious of the financial difficulties facing the State, particularly given our role in the frontline of selling debt to pay bills and meet debt redemptions, there has not been a general pay increase in the NTMA since 2009. The bonuses to which the Deputy referred are incentive payments made earlier this year in respect of 2011. As I recall them they were for amounts of approximately €60,000 and were paid to five individuals. More than 500 people work in the NTMA. In regard to the banking unit, notwithstanding what the Deputy said, we have lost five of the nine people who originally went to the Department of Finance on secondment. NAMA, which is competing with both State-owned and non-State owned enterprises for staff, has lost 34 people.

I am not putting on the poor mouth when I say we have not received a general pay increase because it is right that we should not have a pay increase but the question arises of our business model and whether we want the State to have the professionalism required to operate successfully in capital markets or want to push this function back into the Civil Service. That is a policy issue. I think the agency has done a good job and successive Governments have added new and demanding functions, some of which I referred to in my opening remarks. The senior management group and those earning more than €200,000 took a pay reduction of 15% last year. Again I am stating that as a fact and I not seeking sympathy or congratulations. I am currently polling staff members in order to renew the gifting procedures with Revenue for the current year and I am hopeful they will continue to do that. The question of pay is related to skills and outputs. The generalists in the Civil Service would not be able to do many of the tasks entrusted to the NTMA.