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NAMA Debtor Agreements

Dáil Éireann Debate, Tuesday - 6 November 2012

Tuesday, 6 November 2012

Ceisteanna (237)

Arthur Spring


237. Deputy Arthur Spring asked the Minister for Finance the average wage for developers or project facilitators in the National Assets Management Agency; and if he will make a statement on the matter. [48105/12]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

As previously advised to the House (Parliamentary Question, 39693/12, 20 September 2012) and restated by the National Asset Management Agency’s Chairman before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform in recent weeks, the Agency has permitted 168 principals to retain salaries from rental and other income generated by their cash producing assets where it has determined that this represents the best and most cost effective option for the preservation and enhancement of the value of property securing its loans . As further advised the Agency’s analysis shows that 17% or 29 principals retain income of up to €49,000; a further 43% or 73 principals retain income of between €50,000 and €99,000; 23% or 38 principals retain income of between €100,000 and €149,000; 15% or 25 principals retain income of between €150,000 and €190,000; and 2% or 3 principals retain income of €200,000. The Agency advises that, based on this breakdown, the total principal salaries retained from income producing assets in 2012 will be of the order of €15.5 million. The Agency advises that it takes a large number of factors into account before approving the overhead allocation for any debtor to operate its business. These include the overall value of the assets, the debtor’s level of co-operation, knowledge of the assets, experience and the Agency’s view of the extent to which he can add value.