Today, Brendan McDonagh announced with great glee that the National Asset Management Agency had
made a profit of €247m for 2011. In his
interview on RTE Radio at One O'Clock, the smug McDonagh, who commands an austerity adjusted salary of €370,000 (
having taken a voluntary 15% pay cut earlier this year) propounded that the organisation had breezed passed the cynicism of two years ago, and circumnavigated low expectation to deliver what were astonishingly good results, notwithstanding a write-down of €1.27bn in the value of its assets. It was as if NAMA was just another Irish success story, and the Celtic Tiger was back again, and McDonagh was the new breed of entrepreneur, leading the charge out of depression!
