Dáil Éireann Debate, Tuesday - 4 March 2014
53. Deputy Michael McGrath asked the Minister for Finance his plans to review the maximum salary that may be paid to developers whose loans are held by National Asset Management Agency; and if he will make a statement on the matter. [10754/14]
Amharc ar fhreagraI am advised by NAMA that it does not pay a salary to any debtor. NAMA seeks to ensure that income generated by assets securing its loans is applied towards repaying a debtor's indebtedness. However as part of the debtor business plan, debtors may be permitted to retain an agreed portion of this income to cover business overheads. Debtors are allowed a salary out of business overheads where this is necessary to manage and preserve the value of the assets securing NAMA's loans. NAMA advises that all overheads are reviewed as part of its regular review of each debtor's performance and developments in the wider economy. I would remind the Deputy that, as Minister for Finance, I have no role in relation to the day-to-day detail of NAMA's strategy in this area.
As the Deputy may be aware, as the NAMA Chief Executive has previously advised the Agency has permitted 167 principals to retain salaries out of the overheads of the business. NAMA's analysis shows that 3 individuals managing multi-billion euro portfolios are authorised to retain income of €200,000. There are no cases in which principals have been authorised by NAMA to retain salaries in excess of €200,000.
