Daft Property - Irish Property News

NAMA board get pay increase of up to 70pc... National Assets Management Agency (NAMA) board members have received a hike in salary -- despite being less than three months in the job. Finance Minister Brian Lenihan yesterday confirmed he had approved a new fee structure for the nine-strong board in light of their increased workload. The board's chair, former Revenue Commissioner boss Frank Daly, will receive €170,000, a 70pc increase on his original pay packet of €100,000. And the team of ordinary members will receive an annual fee of €50,000, rather than the €38,000 first proposed. The board, which comprises of six ordinary members, two ex-officio members and one chairperson, were appointed by Mr Lenihan in December They have responsibility for shaping NAMA and will decide the future of developers, ranging from household names to small-time developers. Besides Mr Daly, the ordinary members of NAMA's board are former AIG official Eilish Finan, former Bank of Ireland board member

IMF warns on extent of 'correction' facing State... THE INTERNATIONAL Monetary Fund (IMF) painted a bleak picture of the “unprecedented economic correction” facing Ireland, describing the stress on the State as exceeding that being faced by any other developed nation. However, in a positive diagnosis of the Government’s response, the global financial watchdog has said that on the two fronts that matter most – fixing the banks and the public finances – the Government has “moved in the right direction”. The IMF said losses faced by Irish banks could top about €35 billion, or 20 per cent of GDP, to the end of 2010, though it added that the Government “did not formally produce any estimate for aggregate bank losses” during the fund’s recent fact-finding trip to Ireland. The Department of Finance was quick to point out that “the vast majority” of these losses would be absorbed by the banks’ risk capital and ongoing operating profits. The IMF endorsed the Government’s plans for the r