herald

Wednesday 11 December 2019

NTMA's pay bonanza after 15pc increase in bonuses to €1.7m

NTMA chief Conor O’Kelly
NTMA chief Conor O’Kelly

Staff at the National Treasury Management Agency (NTMA) shared bonus payments of €1.778m last year.

That is according to the NTMA's annual report, which showed that "performance- related" payments represented a 15pc hike on the €1.54m paid out in bonus payments in 2017.

The NTMA has the best pay rates of any state agency in the country, with 163 earning over €100,000 by the end of last year.

The annual report recorded that the pay package of chief executive Conor O'Kelly remained the same at €571,000, made up of €480,000 in annual salary, €86,000 in pension contributions and €5,000 in taxable benefits.

The number of staff at the NTMA earning between €300,000 and €400,000 last year was seven, with 15 earning between €200,000 and €300,000.

Total bonus pay across the NTMA, the National Asset Management Agency (Nama) and the Strategic Corporation Bank of Ireland (SCBI) totalled €2.8m, including €955,000 in bonus payments to Nama staff.

Redundancy

Pay to NTMA staff last year totalled €42m. The cost of "key management personnel" tot-alled €3.7m with "termination benefits" of €289,000.

The accounts disclosed that last year, 33 employees participated in an NTMA voluntary redundancy scheme at a cost of €2.5m, an average pay-off of €75,757 each.

The report also said that four NTMA staff were placed on "gardening leave", with the attendant cost of €100,000.

The average period of gardening leave for the four was two months.

Eighteen employees at Nama took voluntary redundancy last year and received €1.8m, made up of €900,000 in redundancy, €400,000 relating to the Nama retention scheme and €500,000 for "gardening leave".

In 2018, 23 Nama staff were placed on gardening leave, more than double the total the previous year.

Those 23 included 18 who took voluntary redundancy.

A spokesman for the NTMA said yesterday that 184 staff received performance-related payments and the average payment was €9,700.

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