In a presentation to the Committee of Public Accounts in the Oireachtas this morning, NAMA revealed that it was paying two property developers managing “multi-billion euro portfolios” €200k a year and that between 110-120 are also on its payroll earning between €70-100k.
Bonuses are also being paid to these developers upon the successful disposal of individual property assets. This could prove particularly lucrative for those managing the larger portfolios.
However, NAMA chairman Frank Daly (above) has described the salaries as a “commercial reality” and a “hard-nosed decision” to ensure the maximum return for the Irish tax-payer.
“The amount we’re paying them is a fraction of that they would have been taking prior to NAMA getting involved,” he said.