Banking Sector Remuneration

Dáil Éireann Debate, Tuesday - 20 November 2012

Tuesday, 20 November 2012

Questions (200, 201, 202)

Pearse Doherty

Question:

200. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 44 on 7 November 2012, if he will provide the salary paid to the chief executive officer of the National Asset Management Agency, Mr. Brendan McDonagh, in each of the calendar years 2009, 2010, 2011 and an estimate for the full year 2012; and if he will provide a listing and quantification of any additional benefits paid; and in respect of any expenses allowance, if he will confirm if such allowances are paid only in respect of vouched and receipted expenditure. [51153/12]

Pearse Doherty

Question:

201. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 46 on 7 November 2012, if he will confirm if the chief executive officer of the National Asset Management Agency, Mr. Brendan McDonagh, is employed on a temporary contract; the date on which this contract was entered into; the termination date of this contract; and if he will quantify any termination payments provided for under the contract. [51154/12]

Pearse Doherty

Question:

202. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 46 on 7 November 2012, if the chief executive officer of the National Asset Management Agency, Mr. Brendan McDonagh, is employed on a continuing or permanent contract and if he will quantify any termination payments provided for under the contract. [51155/12]

Written answers

Minister for Finance

I propose to take Questions Nos. 200 to 202, inclusive, together.

I am informed by NAMA that the remuneration packages of the NAMA chief executive is published in NAMA’s Financial Statements and included in its Annual Report which is available at www.nama.ie. It is summarised in the following table:

-	2011	2010
Salary	€430,000	€430,000
Taxable benefits (car and health insurance)	€24,483	€23,036

The application of the 15% reduction requested by the Minister brings the Chief Executive’s salary to €365,500. The increase in taxable benefit in 2011 relates to inflation increases applied by the health insurance provider. The Chief Executive waived any consideration for performance-related pay in respect of 2010 and 2011. The Chief Executive was appointed to his position on 22 December 2009. His contract as NAMA Chief Executive is a specified purpose contract, linked to the lifespan of NAMA. There are no termination payments linked to the ending of this contract. The NTMA does not operate an expense allowance for any employee, including the CEO of NAMA. Any expenses, wholly and necessarily incurred in the performance of duties, are reimbursed.