NTMA CEO John Corrigan says over 150 staff earn more than €100,000 a year

Friday 14 February 2014 12.35
John Corrigan: Waived his bonus
John Corrigan: Waived his bonus

The chief executive of the National Treasury Management Agency has told the Public Accounts Committee that he did not set or decide his salary level of €416,500.

John Corrigan also confirmed that 153 people at the NTMA earn over €100,000 a year.

Fine Gael Deputy Kieran O'Donnell was questioning Mr Corrigan about his salary and the pay levels of his staff.

Mr O'Donnell said that if Mr Corrigan's bonus was paid, it would have brought his salary to €780,000 a year.

Mr Corrigan waived his bonus.

Mr Corrigan said taking account of NAMA, the total number of people working at the NTMA is 657 and that 60% of those were on fixed-term contracts.

He said the nature of the organisation was "quite, quite different" from the public service model.

He said 53% of people working there were earning less than €75,000.

Thirteen people are on salaries of over €200,000, he said. 

Mr Corrigan said that by comparison 100 people at AIB Group earn over €200,000 and 64 people do at Bank of Ireland.

Mr Corrigan said he did not decide his own salary.

"In monetary terms, we have a total stock of €320 billion under our stewardship and the cash flow through the NTMA was €1.3 trillion. I don't determine my pay. It's determined elsewhere."

Earlier, Mr Corrigan had said that the agency had cash balances at the end of 2013 of €18.5 billion which would have covered the State's requirements up until the first quarter of 2015. 

However, he added that there was a big bond issue maturing in April 2016.