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I'll consider second cut to €430k pay - head of NAMA

THE chief of NAMA has said he will consider a pay cut to his hefty salary after the Government imposed a remuneration cap for newly recruited senior civil servants.

Brendan McDonagh pointed out that he has already taken a reduction of more than 30pc to his wages this year -- but may take another hit to his €430,000 income.

His comments came as it emerged that NAMA and some foreign-owned banks are considering turning ghost estates back into greenfield sites.

Mr McDonagh revealed that in a discussion with an unnamed individual from a non-NAMA bank, foreign owners had instructed their colleagues to return undeveloped land to greenfield areas.

He explained that there were four different categories of ghost estates across the country, with category four listing the 230 worst estates in the country -- of which NAMA has just 28.

"I met somebody this week from a non-NAMA bank and he told me that, effectively, they have been instructed from their foreign base to look at getting prices about turning some developments -- which might have groundwork or foundations in -- back into greenfields and to start getting prices," Mr McDonagh commented.

"They are suddenly now looking at a situation where it might be more economical for them to take out the foundations and actually turn it back into a greenfield area," he explained.