NAMA bosses agree to take 15pc pay cut
THE chief executives of the National Treasury Management Agency (NTMA) and NAMA have agreed to take a 15pc pay cut and waive their bonuses for 2011.
The decision came following a letter from Finance Minister Michael Noonan seeking pay cuts across the NTMA's most senior management.
NAMA is part of the NTMA.
NTMA chief John Corrigan and NAMA boss Brendan McDonagh (above) replied to Mr Noonan, accepting the cuts.
Mr Corrigan will now earn €416,500, while Mr McDonagh will be paid €365,000.
Both have also agreed to waive any bonuses for 2011 when they would have been eligible for sizeable lump sums.