NAMA has no employees. All personnel are employed by the NTMA and the salary cost of staff who are engaged in the NAMA business is recharged to NAMA by the NTMA. The number of employees of the NTMA directly engaged as NAMA officers at the end of 2010 was 104 and, as set out in the National Asset Management Annual Report and Financial Statements 2010, which is posted on the NAMA website, www.nama.ie, the total salary cost including pension costs was €9.2 million.
The number of employees of the NTMA directly engaged as NAMA Officers at the end of 2011 was 193. Information on the total salary cost including pension costs is currently being prepared and will be included in the National Asset Management Annual report and Financial Statements 2011, which will be published in mid-2012.
In addition to salary costs during 2010 NAMA incurred fees and related administration expenses of €37m. These expenses include fees paid to service providers including the master and primary servicers, costs re-imbursed to the NTMA, legal fees, financial advisor and consultancy fees, portfolio management fees, board fees, audit fees and other overheads. Further details of these are included in the 2010 Annual Report and Financial Statements. NAMA will provide details of fees paid in 2011 in its 2011 Annual report and Financial Statements, which will be published in mid-2012.
The number of employees of the NTMA directly engaged as NAMA Officers as of 16 March 2012 is 202.
Employees of the NTMA directly engaged as NAMA Officers are remunerated in the form of salaries so the issue of fees does not arise.