THE HEAD of the State agency responsible for Nama and the national pension fund could earn over €880,000 this year in combined salary and bonuses.
John Corrigan, chief executive of the National Treasury Management Agency (NTMA), which is responsible for managing the State’s debt as well as Nama and the National Pension Reserve Fund (NPRF), yesterday revealed details of his pay and bonus, showing he is one of the highest paid public servants in the State.
Mr Corrigan’s basic salary for this year is €490,000. Along with that he could earn a bonus of up to 80 per cent, or €392,000, meaning he could potentially earn up to €882,000 this year.
Mr Corrigan will still earn less than his predecessor, Dr Michael Somers, who made a total of just over €1 million in 2008.
Dr Somers’s package included a salary of €565,000, €35,000 for his work as a member of the NPRF commission and €403,000 bonus.
Dr Somers is understood to have received a bonus of €200,000 – 35 per cent of his salary – for 2009.
The NTMA said Mr Corrigan had decided that details of its chief executive’s pay should be published in its annual report every year “in line with the code of practice for the governance of State bodies”. As its annual report for this year will not be published until midway through 2011, Mr Corrigan told the agency to release details “in the interests of transparency”.
