Staffing and Remuneration

The NTMA executes its mandates through five business units: the Funding and Debt Management Unit, the Ireland Strategic Investment Fund Unit, the National Development Finance Agency, NewERA and the State Claims Agency. The NTMA’s business units are supported by its corporate functions which provide services across Finance, Operations, Information Technology, Risk, HR, Legal, Compliance, Communications and Internal Audit.

A number of NTMA staff are on secondment to the Department of Finance following the revocation of the delegation of banking system functions of the Minister for Finance to the NTMA from August 2011.

The NTMA assigns staff to the National Asset Management Agency (NAMA) and the Strategic Banking Corporation of Ireland (SBCI) and also provides them with business and support services and systems. NAMA and the SBCI reimburse the NTMA the costs of these services (including staff costs). Both NAMA and the SBCI are independent entities and have their own separate boards.

Other than staff assigned to NAMA and the SBCI, the NTMA had 464 employees at end-2016. 302 employees were assigned to NAMA and 16 employees were assigned to the SBCI.

The NTMA’s remuneration model is based on confidential, individually negotiated employment contracts, with competitive, market-aligned remuneration. The typical remuneration package comprises a fixed base salary, pension entitlement and provision for discretionary performance-related pay. In a limited number of cases other allowances or benefits are paid.

The NTMA’s objective is to ensure that its remuneration arrangements facilitate it in attracting, developing and retaining high performing and motivated employees, with appropriate skills and experience, so as to ensure that the NTMA can discharge fully its statutory functions in an effective and efficient manner, while complying with applicable law. It aims to operate a remuneration system which:

  • allows the NTMA to compete effectively in the labour market and to recruit and retain high calibre employees.
  • reflects the NTMA’s objectives for good corporate governance.
  • manages remuneration in an appropriate manner and encourages a high level of performance.
  • is consistent with and promotes sound and effective risk management.

Discretionary performance-related payments are intended to reward exceptional performance having regard to the employee’s own performance, the performance of the employee’s area of responsibility, and the overall performance of the NTMA. Performance-related payments are made in accordance with parameters approved by the Agency’s non-executive Remuneration Committee. The overall amount of performance related payments made in respect of any year is also subject to the approval of the Remuneration Committee.

The NTMA made performance-related payments to 115 staff in 2017 in respect of 2016. These payments, in aggregate, totalled €1,175,050. During 2016, the NTMA made performance-related payments to 60 staff totalling, in aggregate, €492,500 in respect of 2015.

NTMA Remuneration at End-2016
up to €50,000 129 128
€50,001 to €75,000 150 138
€75,001 to €100,000 86 84
€100,001 to €125,000 39 49
€125,001 to €150,000 21 20
€150,001 to €175,000 17 19
€175,001 to €200,000 12 9
€200,001 to €225,000 1 4
€225,001 to €250,000 1 3
€250,001 to €275,000 3 0
€275,001 to €300,000 2 3
€300,001 to €325,000 1 5
€325,001 to €350,000 1 0
€350,001 to €375,000 0 1
€375,001 to €400,000 0 0
€400,001 to €425,000 0 0
€425,001 to €450,000 0 0
€450,001 to €475,000 0 0
€475,001 to €500,000 1 1
Total 464 464

Note: Base salary is set out on a pro-rata basis. Total remuneration includes base salary and any other taxable benefits paid to employees (including performance-related payments paid in 2016 in respect of 2015). It does not include employer pension contributions. The public service pension related deduction is applied to NTMA employees.

Energy Efficiency Report

The NTMA operates from Treasury Building on Grand Canal Street Dublin 2. In 2016, the NTMA consumed 2,057,410 kWh of electricity representing an average consumption of 2,707 kWh per employee. This compares with an average consumption of 2,585 kWh per employee in 2015 – an increase of 5% per employee on the 2015 figure. The increase in average consumption per employee in 2016 is due to a reduction in the average number of employees during the year.

Treasury Building is over 25 years old and has an average BER rating of “F”. This contributes to energy loss through the building fabric. Air conditioning in the building is provided by the landlord and is powered by natural gas.

The landlord completed the fitting of energy efficient variable speed drives to the air handling units in Treasury Building during 2016.

The NTMA has agreed to lease space in the North Docks area of Dublin from late-2018. The new building is under construction and is designed to achieve LEED 2009 Platinum rating and BER A3 energy rating standards.