Mr McDonagh, who has in the past claimed he is in negative equity, was paid €430,000 last year for his work but this year took a 15 per cent pay cut bringing him down to the still very handsome salary of €365,500. The CEO is also entitled to bonuses up to 60 per cent of his salary but has waived his right to this contractual agreement since he took office.
The 214 staff responsible for clearing up our State-funded banks' balance sheets earn an average pay package of €103,000, while three employees, excluding Mr McDonagh, earn above the Government imposed €200,000 pay cap.
A total of 18 Nama officers earn between €150,001 and €200,000 a year and another 69 are paid more than €100,000.
In a typically cryptic fashion, the State agency finally admitted to the Sunday Independent last week that it has been forking out taxpayers' cash for company cars and health insurance policies for their high-earning staff.
A spokesman said: "Nama confirms that health insurance and/or cars are included in the remuneration packages of selected staff, depending on the nature of their role within the organisation."
Nama's €153,778-a-year chairman Frank Daly told this newspaper recently that the agency was forced to shell out big wages because staff are continuously being poached from the bad bank.