Noonan to address NTMA pay anomaly

The chief executive of the National Treasury Management Agency, John Corrigan, has intervened to protect the interests of staff at the agency facing cuts in pay.

Newly released records show Mr Corrigan wrote to Minister for Finance Michael Noonan at the end of May to indicate his employees would not be able to avail of proposed salary restoration linked to the ratification of the Haddington Road agreement because they are not members of trade unions. Mr Noonan assured Mr Corrigan he would address this.

Under recent public sector pay cuts, staff at the NTMA lost their exemption from public pay reductions, while those earning over €185,000 at the NTMA and across the public service are facing cuts of 10 per cent.

Salary restoration
Under the Haddington Road proposals, those earning over €65,000 will have their pay restored in two phases over an 18-month period.

The NTMA employs 13 people earning over €200,000, including Mr Corrigan who receives €416,500. All are facing a 10 per cent cut.

Arising from the Labour Relations Commission’s proposals, Mr Corrigan is facing a cut of €41,650. His senior colleague, chief executive of Nama, Brendan McDonagh, is facing a cut of €36,500 on remuneration of €365,500.

A further 32 NTMA staff earn €150,001-€200,000 and 105 earn €100,001 -€150,000, and face cuts of 8-10 per cent.

In the letter dated May 27th, released through the Freedom of Information Act, Mr Corrigan told Mr Noonan the Haddington Road proposals “would appear to give rise to an anomalous situation as NTMA employees (because they are not members of trade unions) cannot avail of the proposed salary restoration through ratification of the LRC proposals.

“Accordingly, I would request that this potential anomaly be addressed as soon as practicable.”

Mr Noonan responded on June 11th to Mr Corrigan, referring to his May letter and “subsequent discussions” regarding the LRC proposals.

Mr Noonan wrote, “It is the intention that NTMA employees earning equivalent salaries to those outlined will be treated in a similar manner, in respect of the proposed salary restoration to those public servants whose trade unions have ratified the Haddington Road agreement.”