Written answers

Tuesday, 19 July 2011

Department of Finance

Semi-State Bodies

10:00 pm

Photo of Mary Lou McDonaldMary Lou McDonald (Dublin Central, Sinn Fein)
Link to this: Individually | In context

Question 100: To ask the Minister for Finance if it is his intention to bring the National Treasury Management Agency CEO salary structure into line with commercial semi-state CEO pay ceilings; if the NTMA will be included in the review of the current performance bonus schemes for CEOs in commercial semi-state companies; and if this review will be extended to all levels of senior management in the NTMA. [20341/11]

Photo of Mary Lou McDonaldMary Lou McDonald (Dublin Central, Sinn Fein)
Link to this: Individually | In context

Question 101: To ask the Minister for Finance, following a statement by the Minister for Public Expenditure and Reform in Dáil Éireann that he was unhappy with the pay arrangements for National Treasury Management Agency staff seconded to his Department who are not subject to public service pay ceiling, the actions he has taken to remedy this situation. [20340/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

I propose to take Questions Nos. 100 and 101 together.

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 and the National Asset Management Agency.

At the same time, public sector organisations must operate having due regard to the wider public policy context, which includes general economic circumstances. Accordingly, it is my intention to examine the approach to remuneration in the NTMA in more detail in the coming months following consultation with my colleague, the Minister for Public Expenditure and Reform. I will then see what changes, if any, might be appropriate in relation to the remuneration of all staff in the NTMA, having regard to the changing economic circumstances of the State and the need for transparency in public expenditure.

Comments

No comments

Log in or join to post a public comment.