The Government made significant cuts to the level of pay for the chair and board members of Nama because the agency is in “wind down” mode.
The fee payable to the chairperson of the asset management agency has been decreased from €150,000 per year to €100,000, according to records obtained under FoI.
It will be further cut to just €45,000 from the beginning of next year with the new annual rate of €100,000 already applying to Nama’s recently appointed chairman Aidan Williams.
Fees for ordinary board members have also been chopped by almost a quarter, and have been reduced from €50,000 to €38,000 since January 1.
The cuts were quietly made on foot of an instruction from Finance Minister Paschal Donohoe, who said the decreases were now considered “appropriate”.