The development was revealed at this morning’s Public Accounts Committee during which Deputy McCarthy questioned the CEO and the Chairman of the Agency over the amount being paid to developers on a yearly basis.
During the exchange it was revealed that over 100 developers are being paid between €70,000 and €100,000 annually, while two developers are in receipt of the maximum amount of €200,000 each year.
Deputy McCarthy said, “NAMA was created as a result of the mismanagement of the economy.
“It has now been revealed that there are two developers being paid almost as much money as the Taoiseach.
“This brings the whole process into disrepute and, as we approach a very difficult budget, the question needs to be asked as to how we can expect the public to have any faith in a system that generously rewards developers to this extent.
“It is also convenient that these individuals are just below the salary cap introduced recently by the Minister for Public Expenditure and Reform Brendan Howlin.
“Were it not for the cap, it is reasonable to assume that these people would be earning even more.
“How are members of the public meant to take the process seriously if we are bringing back the very individuals whose actions contributed to the meltdown of the construction industry, and paying them five times the average industrial wage?
“We need to continue to forensically examine various aspects of NAMA’s dealings otherwise confidence in the process will be severely undermined.
“This revelation makes it very difficult for any reasonable thinking member of the pubic to have any faith in the NAMA process.
“These are staggering figures and I will be raising this issue directly with Minister Howlin at the earliest opportunity,” he said.