NTMA staff share €1.78m bonus in 2018

Agency’s chief executive Conor O’Kelly received unchanged remuneration of €571,000

Conor O’Kelly, chief executive of  the NTMA: his pay package remained unchanged at €571,000  for 2018. Photograph: Dara Mac Donaill / The Irish Times

Conor O’Kelly, chief executive of the NTMA: his pay package remained unchanged at €571,000 for 2018. Photograph: Dara Mac Donaill / The Irish Times

 

The National Treasury Management Agency (NTMA) paid out close to €1.78 million in “performance-related” bonuses to its 184 staff last year, according to its annual report.

The reported also noted that the pay package of its chief executive Conor O’Kelly remained unchanged at €571,000 for 2018, comprising €480,000 in annual salary, €86,000 in pension contributions and €5,000 in taxable benefits.

The number of staff at the agency in 2018 earning between €300,000 and €400,000 was seven with 15 earning between €200,000 and €300,000, the report showed.

The NTMA’s report shows the State has paid out more than €60 billion in interest on the national debt over the past decade.

That is three times the amount paid in the previous decade and reflects the challenge of servicing the Republic’s €205 billion debt pile, most of which was drummed up in the wake of the crash.

It also noted the cost of servicing the debt had fallen to €5 billion this year and would be in the region of €4.5 billion next year, some €3 billion less than it was at the high-point in 2014.