Written answers

Tuesday, 12 July 2011

Department of Finance

National Asset Management Agency

10:00 pm

Photo of Peter MathewsPeter Mathews (Dublin South, Fine Gael)
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Question 100: To ask the Minister for Finance the number of employees in the National Asset Management Agency who earn €100,000 per annum or more; and if he will make a statement on the matter. [19694/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Under section 42(1) of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA as necessary for the performance by NAMA of its functions under the Act. All staff assigned to NAMA are NTMA employees. The NTMA also provides NAMA with business and support services and systems. The legislation which established the NTMA in 1990 deliberately positioned it outside of the wider public service structures with operational freedom to negotiate market-competitive salaries so that it would have, for example, the flexibility to recruit specialists in mid-career from the private sector. Under the NTMA business model, its remuneration structure is such that there are no general pay grades and no pay scales and all staff are on individually-negotiated contracts.

This business model has allowed the NTMA to staff itself with the necessary technical expertise to carry out the financial and risk management functions which have been assigned to it by Government since its initial establishment as a single-function agency managing the National Debt. These additional functions include the State Claims Agency, the National Pensions Reserve Fund, the National Development Finance Agency, the National Asset Management Agency and certain banking system functions of the Minister for Finance. Details of NTMA salaries at end June-2011 by salary band are as follows:

Salary Band Number of Staff

Up to €100,000 235

From €100,001 to €150,000 78

From €150,001 to €200,000 27

From €200,001 to €250,000 3

Over €250,000 14

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