Oireachtas Joint and Select Committees

Wednesday, 24 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Role and Functions of NAMA: Discussion

3:20 pm

Mr. Frank Daly:

No, we have not sought to reduce their wages. Again, we allow overheads to be taken out of the business for all sorts of reasons, including paying the salaries to the principals. In those two cases and without identifying the individuals - and this is probably what I said the last time - they are managing and working with us. Effectively, they are managing enormous enterprises on our behalf. The commercial reality is that it is much more advantageous for us, and ultimately for the taxpayer, to have them working with us and doing that work rather than the business of putting in property managers, receivers or whatever. I know that it is an unpopular decision but it still represents the best outcome for NAMA.