chairman Frank Daly

chairman Frank Daly

The Waterford man heading up Nama is being paid an ‘all-inclusive fee’ of €170,000 per annum – €70,000 more than he was supposed to be getting initially.

It was revealed in the Dáil last week that the salaries of the nine-member board of the National Asset Management Agency were revised upwards not long after the pay cuts announced in last December’s Budget.

Finance Minister Brian Lenihan confirmed the figures in response to a parliamentary question from Sinn Féin’s Arthur Morgan.

His party colleague, Waterford City Councillor David Cullinane, wonders how on earth the 70% increase in the pay to chairman Frank Daly can be justified in the current climate.

Mr Daly, 65, a native of Abbeyside and a retired former head of the Revenue Commissioners, is receiving €170,000 p.a. for his role at the State’s ‘bad bank’. This is “on the understanding that the incumbent is available without restriction.” The term of his initial contract is five years.

His most recent role was as a public interest director at Anglo Irish Bank – a position he has since relinquished.

Originally, the fees for the chairperson and ordinary board members were set at €100,000 and €38,000 respectively. These were subsequently upped to €170,000 and €50,000, with an extra €10,000 for members who chair any sub-committees.

See The Munster Express newspaper for full story.