NTMA and Nama halt staff bonus payouts for 2020

Up to 131 staff earn more than €100,000

The National Treasury Management Agency (NTMA) and the National Asset Management Agency (Nama) halted bonus payments to staff in 2020, the NTMA annual report shows.

The absence of bonus payments last year followed cumulative bonus payments of €7 million paid out to staff over the prior three years – €2.6 million paid out in 2019, €2.8 million paid out in 2018 and €1.59 million paid out in 2017.

Key management at the NTMA and Nama received no bonus payments last year after €200,000 was paid out in 2019. All of Nama’s staff are employees of the National Treasury Management Agency and are assigned to Nama by the NTMA

Both the organisations declined to comment on Wednesday on the decision not to pay bonuses for 2020.


However, the decision comes against the background of the country battling Covid-19 and in her statement accompanying the annual report, National Treasury Management Agency chairwoman Maeve Carton spoke about the virus impact in stark terms.

“For many in the NTMA team, the past year has been one of loss, of disruption, of worry and of pain, of being separated from friends and family,” she said.

“With all its challenges, 2020 stands out as a year of wonderful solidarity and of individual growth and organisational growth for the NTMA,” she added.

The annual report shows that the numbers at the National Treasury Management Agency – including Nama – earning more than €100,000 last year totalled 131, with 14 earning over €200,000.

Pay to NTMA chief executive Conor O’Kelly last year totalled €570,000. This comprised €480,000 in salary, pension contributions of €86,000 and €4,000 in taxable benefits.

Four other employees at the National Treasury Management Agency earned between €325,000 and €350,000.

The NTMA report states that its remuneration arrangements facilitate it in attracting, developing and retaining high-performing and motivated employees.

The 131 earning more than €100,000 compares to 141 in that earning bracket in 2019 and 166 in 2018. The numbers earning in excess of €100,000 have declined as Nama’s workforce has reduced.

The report reveals that last year, 20 departing employees at Nama shared €2 million from the agency’s voluntary redundancy scheme in 2020.

The numbers employed across the National Treasury Management Agency and Nama last year increased from 778 to 787 and pay bill increased from €66.9 million to €68.1 million.

The National Treasury Management Agency spend on staff hospitality expenditure last year fell sharply due to the pandemic, from €119,391 to €67,482.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times