Noonan defends €200,000 Nama salaries for developers
The Finance Minister Michael Noonan has today defended the decision of Nama to allow indebted builders to pay themselves salaries of up to €200,000 a year.
Minister Noonan told the Dáil that the salaries being paid are often cheaper than the cost to the taxpayer of winding down businesses.
Nama has said that most developers are paid between €75-100,000, but in exceptional circumstances salaries of up to €200,000 are allowed.
“Nama had to make a pragmatic business decision on this,” said Minister Noonan.
“The alternative is to get experts on credit in to run the business, and we have experience of those already, with Nama assets that are gone into receivership.
“Now, the receivers are a fine body of people, but they charge €180 an hour, and €180 an hour when you make it up over the year is going to come in at a lot higher than the developer who knows the assets, running the system under strict controls.”
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