Nama directors' pay condemned

Opposition politicians have criticised a pay rise for directors of the National Asset Management Agency (Nama) only three months after they began work.

Minister for Finance Brian Lenihan yesterday confirmed he had revised the fee structure for Nama board members.

Fine Gael's finance spokesman Richard Bruton said the reported 70 per cent increase was "disconcerting".

“A 70 per cent pay rise for the directors of Nama, just three months after they started work, does seem excessive. These fees should at least be tied to a successful outcome for the Nama project and the successful protection of taxpayers’ interests," he said.

“But even these salaries are small compared to those still being paid to the bank directors who were present when these appalling lending decisions were made. And they are a drop in the ocean compared to the €54 billion worth of assets that Nama will be managing, on the backs of taxpayers.”

Sinn Féin's finance spokesman, Arthur Morgan, called for the pay rise to be revoked, saying it was an insult to public sector workers.

“This revelation is a part of a litany of injustices to ordinary workers to arise out of the Budget. Not only did the lowest earners see their incomes slashed, but they saw the top earners in the public sector have their pay-cuts reversed and now members of the Nama board have had their incomes revised upwards.

“These double standards cannot continue. The salary increases to the board members of Nama should be revoked and they should receive the remuneration that was indicated originally. They Government cannot justify paycuts for some people but incredible 70 per cent pay increases for others. The Minister for Finance should apologise to each and every public sector worker for this insult.”