Written answers

Tuesday, 4 October 2011

Department of Finance

Departmental Agencies

8:00 pm

Photo of Éamon Ó CuívÉamon Ó Cuív (Galway West, Fianna Fail)
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Question 165: To ask the Minister for Finance the discussion he has had regarding bringing greater transparency to the remuneration, including bonus arrangements, of public servants at the National Treasury Management Agency and the National Asset Management Agency. [20292/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As I have previously stated, it is my intention to examine the approach to remuneration in the National Treasury Management Agency (NTMA) in more detail in the coming months following consultation with my colleague, the Minister for Public Expenditure and Reform. I have also sought the views of the NTMA and of the NTMA Advisory Committee in this regard. In the meantime, I would point out that the overall remuneration of NTMA senior management has been reduced very substantially this year due to their waiving of the performance-related element of their remuneration in respect of 2010.

The public sector pension deduction provided for in the Financial Emergency Measures in the Public Interest Act 2009 applies to all NTMA staff. While the NTMA was not subject to the general reductions in salaries provided for in the Financial Emergency Measures in the Public Interest (No. 2) Act 2009, it secured a reduction of some 8% in overall payroll costs in 2010 on a like-for-like basis compared with the previous year through a reduction in the performance-related element of overall remuneration. In 2011, it secured a further reduction of almost 3% in overall payroll costs, again on a like-for-like basis.

Staff recruited by the NTMA and assigned to the National Asset Management Agency (NAMA) in 2010 and 2011 have been recruited on specified-purpose contracts – their term of employment lasts for as long as NAMA requires their particular function.

Finally, taking all these issues into account, I will 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.

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