The article examines the controversy surrounding top salaries for public servants in finance, focusing on McDonagh, who waived potential bonuses but faced backlash for retaining a substantial salary as housing tsar. Comparatively, other high-ranking officials like Somers and O'Connor received significant compensation, leading to inquiries about the fairness of such remuneration within public service roles dealing with critical issues, such as Ireland's housing crisis. McDonagh's self-sacrifice appears unacknowledged, highlighting public sentiment against perceived financial excess in government roles.
Every year since he took over the State's 'bad bank' in 2009, McDonagh waived his entitlement to be considered for the payment. This means he forfeited about €2.7m, if we presume Nama's remuneration committee gave him the full whack every year.
When Government sources said he would keep his €430,000 a year salary as housing tsar, there was such a public and political outcry that McDonagh had to step back from the role.
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