NAMA has 214 employees on average wage of €103,000.00 each

vicwatson

:eek:

That's €22,042,000.00 per year in salaries to run NAMA.

And only 2 employees earn over €250,000.00

What THE FOOK?

:eek::eek::eek:

westendgirlie

Are there any jobs going?

El Guapo!

Might stick in a cv so.........

Fupping Grasshole

westendgirlie wrote: »

Are there any jobs going?

Can you get me in if you've any luck, sound thanks.

Sauve

vicwatson wrote: »

:eek:

That's €22,042,000.00 per year in salaries to run NAMA.

And only 2 employees earn over €250,000.00

What THE FOOK?

:eek::eek::eek:

I'll make their coffee and sort 'stuff'.
That's gotta be worth at least €100k pa?

westendgirlie

Sauve wrote: »

I'll make their coffee and sort 'stuff'.
That's gotta be worth at least €100k pa?

You'd probably get expenses for shoes too. Lot of wear and tear walking to a kettle.

Cookie_Monster

does that include the developers?
The developers are good value for money, 100-200k to shut them up and prevent them going to court and costing millions in legal battles.


Also would you really want someone earning only 35-50k to be managing several billion worth of assets? you need to make the job attractive to skilled people to ensure it doesn't get totally fucked up.

My name is URL

I usually hate the argument 'if you pay peanuts, you get monkeys', but in this case I have no problem with top salaries being payed if it means that the top people are retained by the agency. 74 billion euros worth of the countries future depends on NAMA being a success.

vicwatson

Cookie_Monster wrote: »

does that include the developers?
The developers are good value for money, 100-200k to shut them up and prevent them going to court and costing millions in legal battles.


Also would you really want someone earning only 35-50k to be managing several billion worth of assets? you need to make the job attractive to skilled people to ensure it doesn't get totally fucked up.

No, developers getting up to 200k :mad::mad:

kirving

Adding the cents on the end of the figure is only done for initial shock value, and makes the figure implausibly precise.

vicwatson

Kevin Irving wrote: »

Adding the cents on the end of the figure is only done for initial shock value, and makes the figure implausibly precise.

Frank Daly's figures not mine !;)

Scioch

So they buy loans that arseholes shouldnt have got and cant pay back which are worth considerably less than what they were bought for. Pay more arseholes huge wages to manage this and pay the first shower of arseholes to cooperate

Seems legit.

funk-you

vicwatson wrote: »

:eek:

That's €22,042,000.00 per year in salaries to run NAMA.

And only 2 employees earn over €250,000.00

What THE FOOK?

:eek::eek::eek:

Depending on the job they're doing and the level they're at 100k could be pretty reasonable if you take into account their responsibility, results and targets met.

If you want results, you hire good people with good experience. Those type of people are no doubt in demand and you have to offer them a salary and conditions which beat your competitors.

Outrage at people earning more for good results is silly. If on the other hand, they're not delivering then they don't deserve their wage. Do you have any stats on their effectiveness and output or is it just shock at someone earning a good wage?

-Funk

Einhard

My name is URL wrote: »

I usually hate the argument 'if you pay peanuts, you get monkeys', but in this case I have no problem with top salaries being payed if it means that the top people are retained by the agency. 74 billion euros worth of the countries future depends on NAMA being a success.

Exactly. I was watching this on Vincent Brown earlier, and even though the head guy in NAMA explained in very persuasive terms why they had to pay those salaries, Vincent still looked as if he were having a heart attack.

The success of NAMA is critical to this state. The better NAMA does, the more money it recoups, the less we have to fork out in the overall scheme of things. Who knows, we might even make a profit on the venture.

In order to maximise the chances of success, NAMA has to emply top people. The type of people who would be offered positions with generous salaries in the private sector. NAMA has to at least attempt to compete with those salaries and benefits in order to attract those people. It's pretty simple, and those who argue otherwise are really cutting off their nose to spite their face.

Scioch

Cookie_Monster wrote: »

does that include the developers?
The developers are good value for money, 100-200k to shut them up and prevent them going to court and costing millions in legal battles.


Also would you really want someone earning only 35-50k to be managing several billion worth of assets? you need to make the job attractive to skilled people to ensure it doesn't get totally fucked up.

If there is one lesson to be taken from all this its that more money does not lead to more skilled people. It leads to more chancers going for the job and a lot of them eventually weasel their way in.

mikom

Cookie_Monster wrote: »

Also would you really want someone earning only 35-50k to be managing several billion worth of assets? you need to make the job attractive to skilled people to ensure it doesn't get totally fucked up.

Worked with successive governments......

kirving

Well, it's similar to the reason we pay judges so much. Paying a Judge a huge salary helps to disuade them from accepting bribes, or making decisions based on their financial situation.

Einhard

LordSmeg wrote: »

If there is one lesson to be taken from all this its that more money does not lead to more skilled people. It leads to more chancers going for the job and a lot of them eventually weasel their way in.

That is simply not true. It can be true (as practically anything can), but not generally.

allthedoyles

Did'nt the CEO - McDonagh agree to a 15% reduction in salary ...............He is now on a reduced annual salary of €430,000

Scioch

Einhard wrote: »

That is simply not true. It can be true, but not generally.

Its certainly true here.

Einhard

LordSmeg wrote: »

Its certainly true here.

So what you're saying is that anyone who earns over a certain level of money is incompetent? That's an interesting way of looking at things.

squod

Einhard wrote: »

So what you're saying is that anyone who earns over a certain level of money is incompetent? That's an interesting way of looking at things.

How many staff in NAMA are ex-Anglo?

Scioch

Einhard wrote: »

So what you're saying is that anyone who earns over a certain level of money is incompetent? That's an interesting way of looking at things.

No what I'm saying is that offering lots and lots of money isnt guaranteed to lead to the best person for the job getting it. It just makes the chancers and cowboys more determined to get it though pulling strings and calling in favours.

Thats how this country works, its who you know not what you know.

Einhard

squod wrote: »

How many staff in NAMA are ex-Anglo?

I don't know. I do know, however, that paying the people at NAMA the average industrial wage isn't likely to attract the most qualified people.

Some people are so shortsighted it's incredible.

I'm a teacher. If the government were to offer me half of what I could earn in the UK, I'd move to the UK. As would most of my colleagues I imagine. And education would suffer.

Yet people seem to think we should offer relatively meagre wages at NAMA, and still hope to attract the best people. It's astonishing.

Jev/N

Kevin Irving wrote: »

Well, it's similar to the reason we pay judges so much. Paying a Judge a huge salary helps to disuade them from accepting bribes, or making decisions based on their financial situation.

It's also because they wouldn't leave their previous position is they weren't being offered enough.

Same scenario here.

Einhard

LordSmeg wrote: »

No what I'm saying is that offering lots and lots of money isnt guaranteed to lead to the best person for the job getting it. It just makes the chancers and cowboys more determined to get it though pulling strings and calling in favours.

Thats how this country works, its who you know not what you know.

I really don't think the "it's who you know" line is a reflection of general reality at all. Ireland has many things wrong with it, but this line that people who succeed are grifters is becoming a little bit tiresome.

Paying good money isn;t guaranteed to attract the very best people. However, paying poor salaries in relative terms is guaranteed not to attract them.

It's as simple as that. And, with tens of billions at state, I prefer not to jump shortsightedly on the soapbox over it. That's my tuppence anyhoo. Adios.

squod

Einhard wrote: »

Yet people seem to think we should offer relatively meagre wages at NAMA, and still hope to attract the best people. It's astonishing.

That's 100% bullshoite. There's no comparability with most of the yokels involved in NAMA. They don't work for NASA. 98% of their job is shutting the fuhk up about dodgy deals and conversations with politicians.

My name is URL

allthedoyles wrote: »

Did'nt the CEO - McDonagh agree to a 15% reduction in salary ...............He is now on a reduced annual salary of €430,000

He also forewent on all of his bonus payments to date. AFAIK bosses of the NTMA & NAMA are entitled to bonuses of up to 60% of their salaries, so it's not an insignificant gesture for him to waive on it.

To the best of my knowledge, McDonagh will take home €365,000 this year. If you compare that to BoI's; Richie Boucher whose payment in 2011 was €831,000 it puts into perspective how much of a sacrifice the top earners in NTMA/NAMA are making by working for a public body. They'd be more than qualified to fill roles in private firms and could demand a far higher salary for doing so. Bear in mind also that NAMA is only set to exist for ten years, so the prospect of gaining a substantial pension from working there is non-existent.

Einhard

You gonna actually make any relevant points or just keep inventing argument
to suit yourself ?

Einhard

squod wrote: »

That's 100% bullshoite. There's no comparability with most of the yokels involved in NAMA. They don't work for NASA. 98% of their job is shutting the fuhk up about dodgy deals and conversations with politicians.

Ok, this is my last post here, because this kind of response is just daft.

NAMA is the world's largest landlord. It controls assets worth over €70 billion. Today it announced profits of almost quarter of a billion for 2011.

If you think that the organisation is packed full of yokels and gobshoites, then you really haven't a clue, and are engaging in the type of cheap, unthinking populism that is so common in this country.

Scioch

Einhard wrote: »

I really don't think the "it's who you know" line is a reflection of general reality at all. Ireland has many things wrong with it, but this line that people who succeed are grifters is becoming a little bit tiresome.

Paying good money isn;t guaranteed to attract the very best people. However, paying poor salaries in relative terms is guaranteed not to attract them.

It's as simple as that. And, with tens of billions at state, I prefer not to jump shortsightedly on the soapbox over it. That's my tuppence anyhoo. Adios.

The who you know line is a fair reflection of the reality of this country you must have been living under a rock to have missed that one. But you dont seem the perceptive type consider what your getting from my post.

Yeah thats what I said, successful people are grifters and anyone who earns over a certain wage is incompetent. :rolleyes:

And I'm on the soapbox. ok.

squod

Einhard wrote: »

Ok, this is my last post here, because this kind of response is just daft.

NAMA is the world's largest landlord. It controls assets worth over €70 billion. Today it announced profits of almost quarter of a billion for 2011.

If you think that the organisation is packed full of yokels and gobshoites, then you really haven't a clue, and are engaging in the type of cheap, unthinking populism that is so common in this country.

I have to laugh Einhard. If your telling me that you're taking NAMA seriously then this is the last post I'll read from you.

''you really haven't a clue''

lol

irishdude11

Einhard wrote: »

Ok, this is my last post here, because this kind of response is just daft.

NAMA is the world's largest landlord. It controls assets worth over €70 billion. Today it announced profits of almost quarter of a billion for 2011.

If you think that the organisation is packed full of yokels and gobshoites, then you really haven't a clue, and are engaging in the type of cheap, unthinking populism that is so common in this country.

The Dail is packed full of yokels and gob****es and it controls even more assets than NAMA, sure NAMA is just a (very large) subset of what is in the Dail's remit.

Its all a big f*cking racket....developers, lawyers, NAMA, politicians, bankers...these golden circle twats are creaming it off the back of the recession. You certainly don't need to be paying an average of 100K to NAMA staff, a huge % of the work is just administrative stuff, the big decisions would be made by a small few the very top.

Einhard

irishdude11 wrote: »

The Dail is packed full of yokels and gob****es and it controls even more assets than NAMA,

It doesn't. Adios!! :cool:

TheChizler

irishdude11 wrote: »

The Dail is packed full of yokels and gob****es and it controls even more assets than NAMA, sure NAMA is just a (very large) subset of what is in the Dail's remit.

Its all a big f*cking racket....developers, lawyers, NAMA, politicians, bankers...these golden circle twats are creaming it off the back of the recession. You certainly don't need to be paying an average of 100K to NAMA staff, a huge % of the work is just administrative stuff, the big decisions would be made by a small few the very top.

Have you worked within/for NAMA or know someone working for them to know exactly what's involved? I'm sure the vast majority is administrative but given the scale of it, the proportionally small few turn out to be a large number in absolute terms.

Also the administrative work is completed by NAMA's parent organisation, the NTMA. All NAMA employees are in fact employees of the NTMA. So it's possible that just the high earners work directly for NAMA, but in reality they're all part of a much larger organisation. Source

Grimreaper666

How come it's almost impossible to find what NAMA are selling? Surely if they wanted to sell stuff they'd make it easy to see what's for sale and bid on it? Tbh i think there's still a golden circle but it's just gone deeper.

TheChizler

Grimreaper666 wrote: »

How come it's almost impossible to find what NAMA are selling? Surely if they wanted to sell stuff they'd make it easy to see what's for sale and bid on it? Tbh i think there's still a golden circle but it's just gone deeper.

NAMA actually own very little property. It's in reality comprised of six investment holding and limited companies, one of which, National Asset Property Management Ltd. manages the small amount of property actually handed over as a result of court proceedings. Again they don't own the property directly as they appoint a receiver to manage the sale of it.

The properties whose loans have been acquired by NAMA are still owned by the developer etc. As part of NAMA acquiring the loan the owner is obliged to attempt to sell part of, or the whole property. There are many lists on the website detailing these properties and the respective selling agents if they are on the market.

Click here and click on to see the current list of enforced properties and the relevant selling agent if you are interested in acquiring said property.

RUCKING FETARD

Cookie_Monster wrote: »

Also would you really want someone earning only 35-50k to be managing several billion worth of assets? you need to make the job attractive to skilled people to ensure it doesn't get totally fucked up.

It's worked so well in the past.

Rabies

vicwatson wrote: »

:eek:

That's €22,042,000.00 per year in salaries to run NAMA.

And only 2 employees earn over €250,000.00

What THE FOOK?

:eek::eek::eek:

Looking at the area of finance that they are in and the level of experience required, E100k+ sounds about right.

Grimreaper666

I appreciate NAMA don't own the properties and i've seen that list but it's vague at best and far from clear what's for sale by order of NAMA. I think they should be obliged to be clearer as to what is for sale by order of NAMA though.

Happyman42

Do they have 'filing cabinets'?

TheChizler

Grimreaper666 wrote: »

I appreciate NAMA don't own the properties and i've seen that list but it's vague at best and far from clear what's for sale by order of NAMA. I think they should be obliged to be clearer as to what is for sale by order of NAMA though.

I'm sure that if you're involved in property you'd be able to find out quite easily what was for sale. They only want serious buyers, not members of the general public!

Grimreaper666

Some of the general public have money too you know!! It's a pretty poor attitude to have really. Always remember, there's no such thing as a typical customer!!

skelliser

im reliably informed that many people who worked in anglo are now working in NAMA.

NAMA is a wet dream come true for everyone involved, accountants, solicitors, developers etc. happy ****ing days!

A nice little cash cow with generous salaries and a massive pension to top it off.

The truth is this scam will never make money.

remember Lenny told us the developers would be chased to the ends of the earth? lol!
remember lads, who made up the shortfall for the discounted loans NAMA bought?
the ****ing taxpayer!


Dont believe the spin. This was a bailout for the galway tent crowd of which FG are just as friendly as FF were.
The more people that wake up and realise that this is a banana republic the better.

TheChizler

Grimreaper666 wrote: »

Some of the general public have money too you know!! It's a pretty poor attitude to have really. Always remember, there's no such thing as a typical customer!!

And if those members of the general public are serious about it they'll be able to find the properties! I don't see the need for everything to be clearly listed, if it's for sale they have the selling agent listed and you can view the property on their well laid out website. Do people go out and say, I'd like to buy a NAMA property today? I imagine it's more like, I'd like to buy a property with these features and in this location, and you check the selling agent website for a match. You could also look at the documents on the NAMA website. I could find properties in my neighbourhood with selling information after a couple of seconds.

Jesus Wept

My name is URL wrote: »

I usually hate the argument 'if you pay peanuts, you get monkeys', but in this case I have no problem with top salaries being payed if it means that the top people are retained by the agency. 74 billion euros worth of the countries future depends on NAMA being a success.

It can't be a success because it's aim is bull**** and unhelpful?

Allyall

Also, i still think we're getting monkeys.

flas

what kind of people work for nama?like profession wise?!whaf are their titles and professions if you will?the qualifications needed?!im just genuinely curious!

whitesands

muppets, all you idiots praising & thank whoring nama puppets are deluded (or rich & being bailed out).........

Here's a better NAMA thread on the subject, if there is anyone reading here who gives a **** http://www.thepropertypin.com/viewtopic.php?f=50&t=45577&sid=d5702dffc001d8ce3057e41260d98407

Etc

whitesands wrote: »

muppets, all you idiots praising & thank whoring nama puppets are deluded (or rich & being bailed out).........


Great to see the bar raised on the level of debate !!

TheDoc

And somehow people are surprised at what on the face appear to be abnormally high salaries, in a government secure position?

In fairness to them, its essentially an Asset Management company, and alot is riding on it. If you wan't to be attracting top professionals you need to be offering competitive salaries.

My line of work deals with asset management companies, investment funds, wealth managers etc. etc. on a daily basis and that is very much a competitive fair salary.

And I wouldn't frown at seeing the NAMA salary being higher to attract top professionals, as someone else mentioned the country is essentially relying on it.