The National Treasury Management Agency (NTMA) and the National Asset Management Agency (NAMA) last year paid out no bonus payments to staff after years of generous bonus payouts.

The 2020 annual report for the NTMA show that zero bonuses have paid out in respect of 2020 to staff at the two agencies.

The absence of bonus payments last year followed cumulative bonus payments of €7m paid out to staff over the prior three years - €2.6 million paid out in 2019; €2.8 million paid out in 2018 and €1.59 million paid out in 2017.

Key management at the NTMA received no bonus payments last year after €200,000 was paid out in 2019.

Both the NTMA and NAMA both declined to comment on Wednesday on the decision to pay no bonuses for 2020.

However, the decision comes against the background of the country battling Covid-19 and in her statement accompanying the annual report, NTMA chairperson Maeve Carton spoke about the Covid-19 impact in stark terms.

"For many in the NTMA team, the past year has been one of loss, of disruption, of worry and of pain of being separated from friends and family," Ms Carton said.

"With all its challenges, 2020 stands out as a year of wonderful solidarity and of individual growth and organisational growth for the NTMA," she added.

The annual report shows that the numbers at the NTMA - and agencies - earning over €100,000 last year totalled 131 that included 14 earning over €200,000.

Pay to NTMA CEO, Conor O'Kelly last year totalled €570,000 made up of €480,000 in salary, pension contributions of €86,000 and €4,000 in taxable benefits.

Four other employees at the NTMA earned between €325,000 and €350,000.

The NTMA report states that its remuneration arrangements facilitate it in attracting, developing and retaining high performing and motivated employees.

The 131 earning over €100,000 compares to 141 in that earning bracket in 2019 and 166 in 2018.

The numbers earning over €100,000 have declined as NAMA's workforce has reduced.

The report reveals that last year, 20 departing employees at NAMA shared €2 million from the agency’s Voluntary Redundancy Scheme (VRS) in 2020.

The €2 million was made up of €1 million in redundancy payments, €400,000 concerning NAMA’s retention scheme and €600,000 for 'gardening leave’.

The numbers employed across the NTMA and its agencies last year increased from 778 to 787 as basic pay increased from €66.9 million to €68.1 million.

The NTMA spend on staff hospitality expenditure last year decreased sharply due to the pandemic from €119,391 to €67,482