Dáil Éireann Debate, Tuesday - 15 July 2014
248. Deputy Terence Flanagan asked the Minister for Finance the income range being paid to National Asset Management Agency developers; the amount that was paid in salaries to developers in 2013; and if he will make a statement on the matter. [31279/14]
Amharc ar fhreagraNAMA advises that it does not pay salaries to debtors as it is not their employer. Rather, NAMA's role is, like a bank, that of a secured lender. NAMA advises that, in the context of its role as a secured lender, in certain cases it permits debtors to retain part of the income from their income-producing assets to pay overheads where necessary for the preservation and enhancement of the value of property securing its loans. These overhead costs may include an allowance for the remuneration of debtors and the staff employed by the debtor to manage the assets when the NAMA decides that this offers the best and most cost effective option for the taxpayer.
NAMA advises that the decision as to whether to work with a debtor, and whether to approve the retention of overheads to include an allowance for the remuneration of a debtor, is determined on an individual case by case basis by its assessment of how it can be optimise debt recovery.
NAMA advises that it permitted 134 debtors to retain salaries from rental and other income generated by their cash producing assets in 2013. The total value of such retained income in 2013 was €10.9m. 30 debtors retained an income of up to €49,000, 50 retained an income of between €50,000 and €99,000, 36 retained an income of between €100,000 and €149,000, 15 retained an income of between €150,000 and €199,000 and three debtors, who manage multi-billion euro business enterprises, retained an income of €200,000.
