“At a time when the new NAMA board is embarking on a perilous journey involving huge risks with billions of euros of taxpayers’ money, it’s disconcerting to see that the first item on the agenda is payment levels for the crew,” Fine Gael Deputy Leader & Finance Spokesman Richard Bruton TD said today (Friday).

“A 70% pay rise for the directors of NAMA, just three months after they started work, does seem excessive. These fees should at least be tied to a successful outcome for the NAMA project and the successful protection of taxpayers’ interests.

“But even these salaries are small compared to those still being paid to the bank directors who were present when these appalling lending decisions were made. And they are a drop in the ocean compared to the €54 billion worth of assets that NAMA will be managing, on the backs of taxpayers.”