THE HEADS of the National Treasury Management Agency and State loans agency Nama have waived their 2010 bonus payments, a spokesman for the agencies has confirmed.

John Corrigan, who is chief executive of the NTMA, and Nama chief executive Brendan McDonagh have waived bonuses due under their contracts “in the context of the broader economic challenges facing the country”, the spokesman said.

National Development Finance Agency (NDFA) chief executive Brian Murphy has also waived his bonus for the same reason.

The maximum bonuses that could have been paid to the three men totalled €848,000, with Mr Corrigan in line to receive a possible bonus of €392,000.

Under the NTMA chief’s contract, his bonus payment may be up to 80 per cent of the salary for the post. His salary in 2010 was €490,000.

The contracts held by Mr McDonagh and Mr Murphy include bonus payments of up to 60 per cent of their salaries.

In Mr McDonagh’s case, this was €430,000 in 2010, indicating a maximum bonus of €258,000. Mr Murphy was paid €330,000 last year, meaning his maximum bonus would have been €198,000.

Other senior managers at the NTMA have also waived their bonuses, the spokesman said, adding that the decision was taken some time ago by the individuals concerned.

The full details of the remuneration of the three chief executives will be published in the agencies’ annual reports later this year.

Both Nama and the NDFA come under the auspices of the NTMA, which manages the State’s debt.

The bonuses awarded to Mr McDonagh and Mr Murphy are determined by the NTMA after consultation with an advisory committee, which has a remuneration sub-committee. Nama chairman Frank Daly sits on this sub-committee. It awards the bonuses based on targets set at the start of the year.

The bonus awarded to the NTMA chief executive is agreed by the Minister for Finance on the recommendation of the NTMA advisory committee.