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MEMBERS OF THE National Asset Management Agency’s advisory group ran up a €23,000 tab for hotel, travel and subsistence costs last year, according to recently-released figures.
The figures were disclosed in a parliamentary question answered by Finance Minister Michael Noonan last week. He has also revealed that he has met with the group five times since it was set up in 2012.
The Minister said the Department of Finance budgeted for costs in the region of €40,000 which means the group, which works on a pro-bono basis, came in under budget.
The advisory group was set up last year to advise the Minister on NAMA’s strategy and capacity to deliver its aim of disposing of the significant amount of property loans it acquired during the financial crisis.
The state’s so-called bad-bank acquired €75 billion of bad property loans from banks in an attempt to eventually sell them off and recoup some of the money that was put into the banks to prevent their collapse in 2008.
The advisory group is chaired by former HSBC boss Michael Geoghegan with current NAMA chairman Frank Daly and businessman Denis Rooney also serving on the group.
Noonan met with the group, which operates on an informal basis and reports directly to him, on four occasions last year and once so far this year.
“The group’s advice to me primarily relates to the strategy of NAMA as proposed by the board of NAMA; the remuneration of the senior executives of NAMA and any further advice that I may seek on any matter relating to NAMA,” Noonan said.
He said that any issue raised by the group is discussed with senior officials in the Department of Finance and said that he was satisfied that the group is working effectively.
Noonan added: “However it is important to note that this group is not a shadow Board nor is it intended to provide a route for me as Minister to get involved in the day to day running of the Agency.”
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So they’re doing it for free yet you expect them to pay for their own accommodation, stationery and office space? €23,000 is a great deal for the state.
Agreed
Sounds like a decent deal for the taxpayer, to be honest.
If only our elected politicians could manage the same level of fiscal responsibility, never mind the boys who wont take the asked for reduction.
Sorry, but did anyone actually expect the advisors to work without creating some cost? 23,000 is not an extravagant amount of money to be spending on travel and hotels for the year, especially when you look at the travel budgets or yearly incomes of high profile politicians ! If you’re looking for something to complain about, there’s plenty of better options out there
Its refreshing to see a government agency coming out with this type of news. And I don’t find it surprising at all that they are not long term civil servants or elected officials but members of society. Sound lads.
Poor choice of headline !
Seriiously those complaining get a grip… These people are providing their time and skills for free that doesnt mean that they should have to pay out basic expenses on top of that. 23,000 over the year amongst them is nothing especially when you know what TDs claim on top of massive pay for doing absolutely nothing of any benefit to the country. They even managed to do it for less than expected. If only our elected and paid representatives could take a leaf out of their book.
never let a few facts our a bit of perspective get in the way of a good sensationalist headline.
these individuals deserve credit for volunteering their time to help state. less than 5000 each in a year some of or politicians claim that much in a few days.
they don’t deserve this rubbish journalism
So remind me what Daly earns as chairman of NAMA and he is pulling down expenses for discussing his job? Talk about money for old rope. No changes amongst the great and the good…
Where does it say Daly claimed any expenses? Non-story, stupid headline and shoddy journalism.
What a pointless article.. another example of sensationalist journalism from the journal.. What is with the headline? Are you trying to incite some kind of negative (therefore popular and ad revenue generating) response??
Any surprise there…we spent €23’000 but saved €17’000….ah sure that’s grand so…we actually saved money!!!!!
€23,000 divided by 5 advisors… It’s hardly going to break the bank now, is it? You know, when you consider that NAMA had €75,000,000,000 worth of wasteful property on its books, €23,000 is hardly gonna bury the organisation… A little perspective wouldn’t go amiss…
Will somebody please tell me, in case I have lot the plot comepletely, how can €23,000 be suddenly defined as FREE. We went to School and FREE means…
no one has to hand over any MONEY for anything. Do they the powers that BE think we are thick & can’t read either.
Pro bono doesn’t necessarily mean free. It means without payment or at a reduced cost which is what is happening. They aren’t being paid for the service they provide but they shouldn’t be expected to pay for additional expenses incurred while doing the work.
Its a non story with a headline fit for a sh*tty tabloid paper.
Lillian – free means you don’t charge for your services. It doesn’t mean you should be out of pocket for providing those services.
What a foolish article and sums up the media in Ireland at the moment. Sensationalise everything..think about nothing…write dramatic headlines to try and sell a story without any thought process whatsoever. The media are turning this country into a mindless rabble intent on finding the negative in everything and not promoting anything positive.
I was going to comment but then ……….. Ah what’s the point my comment would take more effect than the writer took for the above !
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