The unaudited accounts for NAMA for 2012 which were published a fortnight ago contain very little detail. You can’t even tell what its staff costs are – above is the best breakdown you’ll get in the accounts, and staff costs are included in “Costs reimbursable to NTMA” because all NAMA staff are contractually employed by the NTMA.
We learned this week that in 2012, NAMA spent €21.952m on salaries and that excludes employer pension contributions and PRSI. Further, NAMA says that its average headcount in 2012 was 217 which indicates an average salary of €102,579.
NAMA presently employs just shy of 250 staff, and we recently learned that three staff at the NTMA earning more than €200,000 have declined to continue 15% waivers in 2013. NAMA staff recently sent a stiff letter to management expressing concern about the cuts that Croke Park 2 cuts would have had on their salaries. For an Agency that is still nursing a €710m cumulative loss despite having acquired its loans at just 43c in the euro, the bolshie attitude looks out of place.
The parliamentary question and response are here:
Deputy Pearse Doherty: To ask the Minister for Finance further to the publication of the 2012 unaudited accounts for the National Asset Management Agency, the staff costs excluding employer pension contributions and pay related social insurance in 2012; the average number of full time equivalent employees at the Agency during the year; and if he will make a statement on the matter. [21641/13]
Minister for Finance, Michael Noonan: All NAMA staff are employees of the NTMA and under section 42 of the National Asset Management Agency Act 2009, the NTMA assigns staff to NAMA. NAMA reimburses the NTMA the costs incurred by the NTMA in assigning staff and providing business and support services to NAMA. NAMA staff costs, excluding employer pension contributions and PRSI, were €21.952m in 2012. NTMA staff members are subject to the Public Service Pension Deduction. The average number of NTMA employees assigned to NAMA during the year was 214.
NAMA also draws on the NTMA’s shared services in a number of areas including Finance, HR, IT and market risk. Staff costs in the provision of these shared services are not included in the above figure.