Brian Lenihan approved 70% salary increase for NAMA Chairperson
The Minister for Finance approved increases in the salaries of NAMA Board Members and the Chairperson of the NAMA (National Asset Management Agency) Board after they were appointed to NAMA.
The salary for ordinary board members was originally set at €38,000 per annum, with the Chairperson of the board receiving a salary of €100,000. However, these salaries were revised upward to €50,000 and €170,000 respectively following "discussions with the Chairperson and the Chief Executive of the National Treasury Management Agency last month and in light of the workload of the Board’s operations over the initial period of its operation".
It also emerged that the Chairperson of the NAMA credit committee is paid €150,000 per annum for a three day working week.
The revelations came following a Dail Question put to Brian Lenihan by Sinn Fein TD Arthur Morgan. Deputy Morgan asked Brian Lenihan to disclose "the level of remuneration for the National Asset Management Agency board members... if this was set prior to the paycuts announced in Budget 2010, if these paycuts apply, [and] if he will make a statement on the matter".
Brian Lenihan replied:
Under section 21 (1) and 25 (9) of the National Asset Management Agency (NAMA) Act 2009, I have approved the following fee arrangements. In setting the fees account was taken of the critical importance of the work to be undertaken by the Board and the fact that its workload will be excessive by normal standards in the first year of operation. I intend to review the fees after a year.
Chairperson -all inclusive fee of €170,000 per annum on the understanding that the incumbent is available without restriction.
Chairperson of Credit Committee - all inclusive fee of €150,000 per annum on the understanding that the incumbent works no less than 3 to 4 days a week.
Ordinary Board Members - fee of €50,000 per annum.
Chair of other Committees - fee of €10,000 per annum in addition to Ordinary Board Member fee subject to a maximum of one per member.
The Board was appointed on 22 December 2009. Originally, the fees for the Chairperson and Ordinary Board Members were set at €100,000 and €38,000 respectively. Following discussions with the Chairperson and the Chief Executive of the National Treasury Management Agency last month and in light of the workload of the Board’s operations over the initial period of its operation I revised these fees from a current date.