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NAMA Chiefs paying out big bucks to failed developers – McDonald

26 October, 2011


Sinn Féin Public Expenditure and Reform Spokesperson Mary Lou McDonald TD has described the bumper pay outs to developers by NAMA as completely unacceptable and morally wrong.

Deputy McDonald said:

“NAMA bosses revealed during today’s Public Accounts Committee that up to 120 developers are being paid by NAMA, two of whom are getting a whopping €200,000 a year.

“This is yet another truly awful example of the attitude that prevails amongst Government and State agency chiefs, that one rule applies for a small section of society and another for everyone else.

“NAMA’s Chief Executive is in receipt of an annual salary in excess of €400,000 and we can only imagine the salary scales of the rest of NAMA and the NTMA management as the Government will not release these figures.

“Now we find out that failed developers are being paid excessive salaries by NAMA as some sort of incentive despite having already been bailed out by the people in the first instance.

“Of course Fine Gael and Labour have form is this regard, as Ministers have already exceeded the Government’s own special advisor pay ceiling on 14 separate occasions, including the a massive salary of €130,000 a year for the Minister for Social Protection’s recently appointed Advisor.

“The IMF/EU troika continue to oversee our fiscal management yet Enda Kenny and Eamon Gilmore still think its ok to pay out scandalously high salaries to themselves, their Ministers, State Agency bosses, senior civil servants and now it appears to failed developers.

“Across the country elderly people, families dependent on social welfare payments, parents of children with special needs and carers are struggling to get by and are living in real fear of the upcoming December budget. Growth continues to stagnate and unemployment remains at a record high.

“These people need leadership, they need a real commitment to equality and most importantly they need to see an end to the culture of self-interest and greed that continues to prevail across Government and the state agency sector.”

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