NAMA Board receive huge salary increases - PS workers get cuts

[Kerrygold]

At a time when low and middle income public sector workers are having their wages slashed, it has been revealed that the board of
NAMA have had their salaries increased, substantially.

For details see here:

Board of NAMA receive huge salary increases as ordinary workers get paycuts ? Morgan | Sinn Féin

[Sync]

If you read your link you've gotten your answer. Most chairmen don't work 5 days a week for the company, and aren't available 24/7. You're talking a few days a month max. In the balance of time, they often chair other companies/organisations. What Lenihan has gotten from them is a commitment that they will either be 100% dedicated to NAMA or at least will be dedicated to the point where NAMA gets preference over other business they may have.

Chairperson -all inclusive fee of €170,000 per annum on the understanding that the incumbent is available without restriction.

Chairperson of Credit Committee - all inclusive fee of €150,000 per annum on the understanding that the incumbent works no less than 3 to 4 days a week.

Ordinary Board Members - fee of €50,000 per annum.

Chair of other Committees - fee of €10,000 per annum in addition to Ordinary Board Member fee subject to a maximum of one per member.

The Board was appointed on 22 December 2009. Originally, the fees for the Chairperson and Ordinary Board Members were set at €100,000 and €38,000 respectively. Following discussions with the Chairperson and the Chief Executive of the National Treasury Management Agency last month and in light of the workload of the Board’s operations over the initial period of its operation I revised these fees from a current date.

Quite frankly 170k for Chairing an organisation like NAMA is cheap as chips.

To me that looks like they either stuffed up the original contracts by including the wrong hours required or revised the amount of time required after the contracts were signed.

[Oldira1]

If you read your link you've gotten your answer. Most chairmen don't work 5 days a week for the company, and aren't available 24/7. You're talking a few days a month max. In the balance of time, they often chair other companies/organisations. What Lenihan has gotten from them is a commitment that they will either be 100% dedicated to NAMA or at least will be dedicated to the point where NAMA gets preference over other business they may have.



Quite frankly 170k for Chairing an organisation like NAMA is cheap as chips.

To me that looks like they either stuffed up the original contracts by including the wrong hours required or revised the amount of time required after the contracts were signed.

You are having a laugh I hope.

[MPB]

Normal sevice. Only recently we had a thread on a consultancy firm that had obtained a Govt contract after a successful tender bid, and after gaining the contract, the board decided on an increase in fees and even back dated the fees.

Of course the board was stuffed full of FF appointees and the consultancy firm had FF connections.

FF have in the past and continue to, treat this country like a giant ATM. They are stealing our money, pure and simple.

[Sync]

You are having a laugh I hope.

*shrug* If you can find someone with experience chairing complicated billion euro organisations who is willing to be available all the time to the detriment of other business ventures they're involved in who'll work for less than that feel free to highlight them.

[inthemire]

So, the Chairman is not working on any other committees? Will not be a member of any other board? A consultant involved in any other type of employment?

Who is the Chairman? If he IS involved in other areas, will he resign for them to ensure that he is available, WITHOUT RESTRICTION?

Has he involvement in any other of the above areas?

[Sync]

He doesn't have to resign anything. He just has to be available without restriction. Same as any other job, if I contract someone to be available 24/7 to me, I don't care if they're working 3 other jobs as long as they're available when I need them.

edit: Chairman is Frank Daly who headed up Revenue. Has a good reputation in the business, and I remember the OECD saying nice things about him at one point/

[inthemire]

*shrug* If you can find someone with experience chairing complicated billion euro organisations who is willing to be available all the time to the detriment of other business ventures they're involved in who'll work for less than that feel free to highlight them.

*shakes head* -there are 400,000 people unemployed here for starters - i think some of them have financial abilities. All are availalbe all the time.

Our complicated billion euro organisations have been led up to now by incompetent, greedy, possibly corrupt, certainly incapable individuals, but yet still remain on in their positions.

There are several billion people in the world. Many don't know about Fianna Fail. Of these several billion there are many who run complicated billion euro organisations FAR better than ANY, i repeat, ANY irish bank was EVER run in this state.

ABN AMRO, RABOBANK to name but 2 are run better than ANYTHING here. And that's only in Holland! Jesus, you are SO deluded by FF propaganda!

ABN & RABO don't play games that FF want. They run themselves properly, with rules, within the law. That's why they aren't being asked to provide staff to our NAMA.

How many times have we bailed out AIB again?? And this time they were joined by BOI, PTSB, and of course the most useless, most corrupt, most greedy, most incompetent of alll - Anglo.

[Oldira1]

*shrug* If you can find someone with experience chairing complicated billion euro organisations who is willing to be available all the time to the detriment of other business ventures they're involved in who'll work for less than that feel free to highlight them.

I would chair NAMA for nothing.

We are supposed to be a major recession. Tens of thousands have lost their jobs and yet the elites refuse to bear the pain. Typical selfish crap.

The chairman of the US Federal reserve earns less for a FULL TIME posiion!!!!!!!!!!

So you really are taking the pee defending this.

[Sync]

*shakes head* -there are 400,000 people unemployed here for starters - i think some of them have financial abilities. All are availalbe all the time.

Our complicated billion euro organisations have been led up to now by incompetent, greedy, possibly corrupt, certainly incapable individuals, but yet still remain on in their positions.

There are several billion people in the world. Many don't know about Fianna Fail. Of these several billion there are many who run complicated billion euro organisations FAR better than ANY, i repeat, ANY irish bank was EVER run in this state.

ABN AMRO, RABOBANK to name but 2 are run better than ANYTHING here. And that's only in Holland! Jesus, you are SO deluded by FF propaganda!

ABN & RABO don't play games that FF want. They run themselves properly, with rules, within the law. That's why they aren't being asked to provide staff to our NAMA.

How many times have we bailed out AIB again?? And this time they were joined by BOI, PTSB, and of course the most useless, most corrupt, most greedy, most incompetent of alll - Anglo.

You're way off topic. I'd have no problem with a ex-Rabo Chairman taking over NAMA. I just don't think you could have gotten one who promised to work for us for 170k a year in a way that might damage his other business interests.