Working at NAMA can be very good for your bank account, but very bad for your health
Working at NAMA is not only about the salaries, but as we’ve mentioned many times before, the government agency can be generous – both to direct employees and the developers it keeps under its wing.
Quite how generous it can be to senior employees is a little surprising because of both the current scrutiny on, and contraction of, pay in the financial sector and because it’s essentially a government entity.
As the ever-excellent blog, NAMA Winelake, has pointed out, there are 12 people working at the organisation earning over €200k (once benefits and pension have been taken into account) and one – most likely NAMA CEO, Brendan McDonagh – earning over €500k.
The question is whether this is much of a surprise. NAMA currently pays over 120 property developers between €70-120k to run down their books, and when it was talking about hiring an additional 200 staff, average salary costs came in at €125k.
In fact, 108 employees earn less than €100k, 106 between €100-200k and the rest above the €200k threshold.
The sad reality is, however, that this isn’t particularly generous for those working in a financial services position. What’s more, working there is no easy ride; as we reported previously, it’s supposedly overly bureaucratic and incredibly stressful.
