The chief executive of the National Assets Management Agency (Nama) has not ruled out taking a further pay cut, he said today.
It has emerged that 16 people working in Nama and the National Treasury Management Agency are outside the new €200,000 salary cap for public service employees.
Brendan McDonagh was speaking in Limerick today where he was responding to calls by Minister for Public Sector Reform Brendan Howlin for burden-sharing among some of the country's top earners.
Salaries for NTMA and Nama employees have been excluded from Mr Howlin's cap on high public sector salaries because they are all on individual short term contracts.
However, Mr McDonagh - who said he had already taken a 30 per cent cut in his remuneration - said he was willing to think about a further reduction. He said it was important that people in leadership positions "do the right thing" and said he and his colleagues had noted what the Minister said yesterday, as they working are at the coalface of what is happening in the Irish economy.
"All I will say in general terms is that my colleagues and myself are very cognisant of our responsibilities and we are very cognisant of the effect on the real economy. We have already shown that and took a lead early on this year, back at the start of the year where we took substantial reductions in our remunerations.
"We have taken a lead on this and this is something we are quite willing to do because we think it's our responsibility, but it is also very important that people in leadership positions do the right thing," Mr McDonagh said.
When asked directly if he would consider taking a further reduction in his remuneration Mr McDonagh replied: "That is a matter that would be under consideration for everybody as an individual. I will certainly think about that when I have a discussion with the Minister," he said.
Mr McDonagh also admitted today that it was hard for some people in the current economic climate to accept the scale of some salaries, but insisted he has made a "substantial contribution" towards addressing this.
"I do appreciate that …already this year I've taken a 30 per cent reduction in my salary, my overall remuneration, so I do think I have made a substantial contribution," he said.
In relation to ongoing moves by Nama to place a Dublin developer into receivership, Mr McDonagh refused to comment on any specific case and said the agency is willing to work with debtors to avoid enforcement situations.
It has been reported that Nama served papers on the businessman in recent days requiring him to repay outstanding debts by tonight. If the debts are not repaid, it would allow Nama appoint a receiver within days.
"I don't want to comment on any specific case but what I would say in general terms is that we want to work with debtors and we want debtors to be realistic in terms of dealing with us," Mr McDonagh said. "We spend a long time trying to avoid enforcement type situations and sometimes for a myriad of reasons that doesn't happen but any decision we take on the basis of what we believe to be the right thing to do and that's all I can say at this stage."