Final wind-down of State’s 'bad bank' included exit payments averaging €147,000 per employee
The final wind-down of Ireland's 'bad bank', NAMA, resulted in nearly €8 million in termination payments for 54 employees. The costs included ex-gratia redundancy, retention bonuses, and payments for garden leave.
Why it matters
The report highlights the significant public expenditure associated with the closure of state-run financial institutions and the transparency of public sector exit packages.
THE FINAL WIND-DOWN of NAMA left a bill of almost €8 million in termination payments for staff this year.
New figures show that 54 employees were eligible for payments totalling €7.96 million, an average cost of around €147,000 per employee.
The largest cost was just over €4 million in ex-gratia redundancy payments, which was shared among 47 departing staff.
A further €1.53 million was paid in salary to those 47 employees while they were on garden leave, according to records released under the Freedom of Information Act.
Retention payments totalling €1.13 million were also payable to a total of 49 employees as the asset management agency shut its doors.
Seven staff members were subsequently transferred to the Resolution Unit of the National Treasury Management Agency (NTMA).
That unit will oversee the management and disposal of NAMA’s remaining assets.
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