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Update 6.43 pm
DEVELOPERS WORKING WITH Nama will not be paid bonuses, they may however receive financial rewards if the come in ahead of targets.
That’s according the Nama who have rejected the word ‘bonus’ that was introduced yesterday at the Dáil Public Accounts Committee.
The agency’s CEO Brendan McDonagh said that €10 million had been paid in salaries to 120 developers last year, with three earning over €200,000.
When asked if bonuses would be paid, he said that is “something that is under consideration the whole time”, but said that the numbers who received such bonuses would be very small.
“We have to take the circumstances into account. As the market changes to try and achieve the objectives that have been set for us, in terms of realising the best value for the assets.
“I think there would be very few people in the NAMA portfolio who would be potentially eligible for that.”
But Nama have attempted to clarify the comments saying that the term bonus was introduced by a TD and not McDonagh.
In statement released this evening, the state’s bad bank says that debtors working with them may enter into “incentivisation arrangements” whereby they “retain a small proportion of any excess achieved above target levels”.
“The vast share of any excess will go to Nama and ultimately to taxpayers if the stretch financial targets are achieved,” the agency says.
Nama adds that at this point they feel that “very few” debtors will achieve the necessary targets. Despite this, the agency adds that the incentives are worthwhile to encourage the developers to “extract maximum value” from their assets.
Particularly, Nama adds, given the shortage of residential housing in urban areas.
At yesterday’s meeting, McDonagh also disagreed that Nama is too soft on developers.
“We have been before this committee and have had to defend ourselves against the view that we have been too soft on debtors.
“There seems to be a suggestion that we have been too demanding of some debtors. We disagree with both of these assertions.”
In terms of salaries, McDonagh said that:
- Additional reporting by Rónán Duffy
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So they’re hounding the widow of a suicide victim to pay bonuses to reckless developers? Wow.
They’re just doing the maths. It saves money in the long run to pay them to sort out their own mess. Makes me sick but their primary function is to get back as much money as they can.
all Ireland had to do was dump all the london property en masse – that would have sorted it………. and people wonder why Britain spies on us…..
Very well put.
You make me sick with your perverted logic….These clowns should be in jail.
Wow. If any of them has an ounce of compassion in them for the people of this country they would refuse this bonous.
Not a chance. The irish are greedy. Ripping each other off is in the blood by now.
This video sums up the legal corruption since the foundation of the state http://youtu.be/aEIWNtb41k8 going viral at the moment.
Brilliant video, makes you angry though.
That video shows the reasons, in a nutshell, why so many have left Ireland and, still, so many more will leave, never to return. It’s (not just) the economy, stupid.
So tonight we’re gonna party like it’s 2005.
fuel the jet get the slags onboard and North Africa here we cum….
Help bankrupt the country and get a salary and bonus. The punchline to a joke!
A Govt directive that no bonuses be paid full stop. Their being paid big money already. Alternatively a 99.9% tax rate on bonuses that are paid. Sickening to hear govt politicians preach pay restraint for ordinary workers while Nama / Irish Water entertain the possibility of bonuses and both govt creations.
hah I remember that broken promise, 99% tax. LOL dream on.. Someone really should do up a list with all broken promises on it
I hope they have that swipe security system for clocking in and out – a thorough investigation into same by the New Government may reveal a lot about how hard these developers worked !
Fat cats slapping each other on the back.while the rest of us struggle.
Cronyism at its finest…..love to know what their definition of cooperating is….’Yes, I am a failed developers, yes you can sell my assets off to pay my debts…..can I be paid now?’…..joke
W.T.F.???
how about this, if they don’t perform, take their house off them in bankruptcy
will be more like if they under preform we’ll pay them a bonus. just not as much of a bonus as if they only just preformed,
Shh, don’t say bonus, its financial reward or performance related pay.
Disgusting !
How does one get into NAMA?
The Country must be the laughing stock of the world!
tax the honest taxpayers to the hilt and give big bonuses to the bankrupt, take their debts and pay them off with taxpayers funds!
A great Country where the word ” honesty” is only in the dictionary!
rumour has it one applies on a brown envelope ….
It’s about getting the returns and doing the job. Optics and salaries really isn’t relevant in the bigger picture..
Hush, JR. They don’t take kindly to talking sense around here.
“Oh NAMA…what’s my name.. Oh NAMA… whats my name….” Must get onto Rihanna’s gang about recording it… Who am I to argue people into common sense..
What sense are you talking about?? The sense of handing bonuses to people who are overpaid already and who drive people to suicide because they lost everything? That sense?? Your an @rsehole m8
The fact they were getting paid should have been enough, this whole bonus culture in Ireland really has to stop on every level. Simply going to work and doing your job should not equal bonus time.
Simon, what do you think of politicians being paid travelling and accom. Expenses to go to work?
The sensible thing would be to prosecute these bast**ds hopefully to get 20 year jailterms, give the other prisoners razor blade toothbrushes (shivs) and incentivize the developers by offering a week off their sentences for every million they save the state by working in “internship” positions for NAMA.
But “sensible” does not work in a corrupt sub banana republic where the judges are appointed by the politicians for their political “loyalty,” as they are here.
Politicians think all people are stupid. It’s not a bonus, it’s a financial inducement ! It’s almost laughable.
If mention of a performance bonus is not already in original contract of employment between NAMA and these “expert” property developers, it’s hardly appropriate to introduce bonuses now, when the market is turning for the better, and even my pet Labrador could do the job.
I mean NAMA saved their sorry asses from certain bankruptcy some years ago with their master-plan to extricate all parties from the unmitigated disaster arising from the 2008 banking and property collapse.
Methinks just another Government Quango making up the rules as it goes along.
The strong advice from Ireland’s Citizens Advisory Council to NAMA is: no bonuses for Property Developers on your payroll!
That’s a joke
Fcukin joke
Just so long as they take the money away from autistic children and the elderly to do it, I don’t really see the problem….
Would love to have received a salary for meeting my financial difficulties.
Just to aid NAMA in understanding the English language, the Oxford dictionary defines a bonus as: a sum of money added to a person’s wages as a reward for good performance. Happy to be of assistance. Unfortunately for NAMA, despite what our evil overlords clearly assume, the people of Ireland (yes, remember we are the land of Saints and scholars) are not stupid.
May or Shall?
Please tell me where will all this stop I have had enough of these greedy bs
Well isn’t that just great
Developers aren’t using bricks this year, but they may use blocks.
What’s the difference a choice of words
A,Reward in any language is a bonus.
Same thing
Tomatoe Tomato
Hahaha. Is this like Irish water’s financial incentives?
A rose by another name would smell just as sweet
Ah, could these be “pay related performance awards “, a la IW? The merry dance goes on
Just as well we didn’t hire the second choice people to do these jobs. Can you imagine the state of the country if we didn’t pay to get the best?
Clearly none of ye muppets understand this article.
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