NTMA chief waived bonus

The chief executive of the National Treasury Management Agency John Corrigan waived almost a quarter of a million euro of bonus pay in 2010, the agency has confirmed.

In a statement issued tonight, the agency released figures for the first time of the 2010 bonuses approved for Mr Corrigan; chief executive of the National Asset Management Agency Brendan McDonagh and the seven other most senior executives in the agencies.

All nine waived the bonuses worth a total of €905,000.

The largest bonus of €240,000 was to be paid to Mr Corrigan. Mr McDonagh’s bonus was set at €200,000 while National Development Finance Agency head Brian Murphy was due a bonus of €60,000.

The former minister for finance Brian Lenihan approved the bonuses but the executives decided to forego them in February this year.

A spokesman said last night the agency was “acutely aware” of the financial challenge facing the State and was at the forefront of the State’s response to the crisis.

He said the executives had foregone the bonuses in light of those circumstances.

Staff at the NTMA and NAMA have individual contracts, all with performance-related elements.

The pay cap for senior officials and executives in the public sector, announced by Minister for Public Expenditure Brendan Howlin last week, will not apply to the NTMA or NAMA because of the individual nature of the contracts.

Mr Corrigan’s basic salary is €490,000 per annum; Mr McDonagh is paid €330,000, while Mr Murphy’s salary is €330,000.

Minister for Finance Michael Noonan disclosed that some 14 executives employed by the NTMA and NAMA had annual salaries of over €250,000.

The average salary for the 350 employees at the NTMA and NAMA is almost €100,000. The agencies awarded bonuses of almost €2 million in 2010, or an average of €7,681 per employee.