Belfast Telegraph

Nama's staff is four times higher than originally planned

By Donal O'Donovan

The number of staff working for Nama has doubled since the end of 2010, according to new information from the Republic's Finance Minister.

The current staff of 202 is four times higher than the 50 originally planned when the Republic's bad bank was set up.

Nama does not employ staff directly - instead, workers hired by the National Treasury Management Agency (NTMA) are assigned to work for the toxic loan agency.

Staffing is up from 104 at the end of 2010 and 193 at the end of last year, Finance Minister Michael Noonan recently confirmed in an answer to a parliamentary question.

The 2010 wage bill of €9.2m (£7.7m) means staff at Nama were paid an average of €88,500 (£73,800). At that same pay level, the current costs would run to €18m (£15m) per year.

Nama's top executive Brendan McDonagh's pay has fallen to €365,500 (£305,000) following a 15% pay cut last year.

The Minister said up-to-date details of the staffing costs would not be available until the middle of the year.

He also confirmed that Nama had raised €2.7bn (£2.2bn) from assets sales by the end of September last. Nama "booked" a profit of €132m (£110m) from the sales, Mr Noonan said in a written answer to a separate question.

Nama has said it has acquired loans of £3.35bn on Northern Ireland assets. Around £38m of sales have now been approved on assets on this side of the border.

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