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Irish Independent
a day ago
- Business
- Irish Independent
Department of Public Expenditure gave green light to higher pay for housing executive
The post was meant to be filled with a starting package of €161,593 a year, the first point on the Assistant Secretary salary scale of the civil service. However, the Housing Agency said their preferred candidate had been paid a higher salary than that in his previous role in the National Treasury Management Agency (NTMA). They argued that their new CEO, Martin Whelan, should start at €184,852 per year, the fourth and final point on the agreed salary scale. The Department of Public Expenditure said that based on his 'substantial knowledge and experience' and his previous salary, they would have 'no objection' to the higher package. Internal records detail how the Housing Agency was left without a CEO when previous boss Bob Jordan resigned in September last year after a three-month notice period. An email from the Department of Housing said: 'Given the short lead-in time to Mr Jordan's resignation there is an urgency in commencing the recruitment process. 'It may be a case that an interim CEO will be required for a number of months as it is imperative that the work and consequential outputs of the Housing Agency is uninterrupted while the substantive CEO process is ongoing.' In response, the Department of Public Expenditure said they had no objection to a person being appointed on an acting basis if the need arose. They said the full-time appointment should be made on the Assistant Secretary level which begins at €161,593 per year and with no perks permitted under government policy. In November, the Housing Agency said they had found a candidate for the role but submitted a business case to seek a higher starting pay rate. It said that while Mr Whelan was 'enthusiastic about the role,' he had 'requested a review of the remuneration package.' The business case said: '[His] current salary at the NTMA is [redacted] which contrasts with the €163,209 at the first point of the Assistant Secretary grade. 'To address this and to reflect the level of experience and expertise Mr Whelan will bring, the Agency proposes appointing him at the top of the Assistant Secretary scale, €186,701.' It said a committee led by the chair of the Housing Agency fully supported it and believed it was a 'prudent and necessary investment'. As part of the business case, the Department of Housing said they also agreed that Mr Whelan should start on the higher rate of pay. There were further discussions with details sought on how many people had applied and how many were considered suitable for the role. In mid-November, the Department of Housing said they were hoping for a final decision as the matter was now 'very urgent and impacting the business of the [Housing] Agency'. On November 29, an email from the Department of Public Expenditure said they had closely considered the case and the candidate's previous experience. 'Taking into account his current salary in the NTMA, [we] would have no objection to the Housing Agency negotiating a salary up to the fourth point of the Assistant Secretary scale,' said the message. Asked about the records, the Department of Public Expenditure said they had nothing further to add.
Irish Times
a day ago
- Business
- Irish Times
Housing Agency raised salary for incoming CEO by over €23,000
A pay increase of more than €23,000 was approved for the new chief executive of the Housing Agency after negotiations between two government departments. The post was meant to be filled with a starting package of €161,593 a year, the first point on the Assistant Secretary salary scale of the Civil Service. However, the Housing Agency said their preferred candidate had been paid a higher salary than that in his previous role in the National Treasury Management Agency (NTMA). They argued that their new CEO, Martin Whelan, should start at €184,852 a year, the fourth and final point on the agreed salary scale. The Department of Public Expenditure said that, based on his 'substantial knowledge and experience' and his previous salary, they would have 'no objection' to the higher package. Internal records detail how the Housing Agency was left without a CEO when their previous boss, Bob Jordan, resigned in September last year after a three month notice period. An email from the Department of Housing said: 'Given the short lead in time to Mr Jordan's resignation, there is an urgency in commencing the recruitment process. 'It may be a case that an interim CEO will be required for a number of months as it is imperative that the work and consequential outputs of the Housing Agency is uninterrupted while the substantive CEO process is ongoing.' The Department of Public Expenditure said in response that it had no objection to a person being appointed on an acting basis if the need arose. Department officials said at the time that the full-time appointment should be made on the Assistant Secretary level which begins at €161,593 per year and with no perks permitted under Government policy. In November, the Housing Agency said they had found a candidate for the role but submitted a business case to seek a higher starting pay rate. It said that while Mr Whelan was 'enthusiastic about the role', he had 'requested a review of the remuneration package'. 'To address this and to reflect the level of experience and expertise Mr Whelan will bring, the agency proposes appointing him at the top of the Assistant Secretary scale, €186,701.' It said a committee led by the chairperson of the Housing Agency fully supported it and believed it was a 'prudent and necessary investment'. As part of the business case, the Department of Housing said they agreed that Mr Whelan should start on the higher rate of pay. There were further discussions with details sought on how many people had applied and how many were considered suitable for the role. In mid-November, the Department of Housing said it was hoping for a final decision as the matter was now 'very urgent and impacting the business of the agency'. On November 29, an email from the Department of Public Expenditure said they had closely considered the case and the candidate's previous experience. 'Taking into account his current salary in the NTMA, [we] would have no objection to the Housing Agency negotiating a salary up to the fourth point of the Assistant Secretary scale,' said the message.
BreakingNews.ie
a day ago
- Business
- BreakingNews.ie
€23k pay increase approved for new chief executive of Housing Agency
A pay hike of over €23,000 was approved for the new chief executive of the Housing Agency after negotiations between two government departments. The post was meant to be filled with a starting package of €161,593 per year, the first point on the assistant secretary salary scale of the civil service. Advertisement However, the Housing Agency said their preferred candidate had been paid a higher salary than that in his previous role in the National Treasury Management Agency (NTMA). They argued that their new chief executive, Martin Whelan, should start at €184,852 per year, the fourth and final point on the agreed salary scale. The Department of Public Expenditure said that based on his 'substantial knowledge and experience' and his previous salary, they would have 'no objection' to the higher package. Internal records detail how the Housing Agency was left without a chief executive when their previous boss Bob Jordan resigned in September last year after a three-month notice period. Advertisement An email from the Department of Housing said: 'Given the short lead in time to Mr. Jordan's resignation there is an urgency in commencing the recruitment process. 'It may be a case that an interim CEO will be required for a number of months as it is imperative that the work and consequential outputs of the Housing Agency is uninterrupted while the substantive CEO process is ongoing.' In response, the Department of Public Expenditure said they had no objection to a person being appointed on an acting basis if the need arose. They said the full-time appointment should be made on the assistant secretary level which begins at €161,593 per year and with no perks permitted under government policy. Advertisement In November, the Housing Agency said they had found a candidate for the role but submitted a business case to seek a higher starting pay rate. It said that while Martin Whelan was 'enthusiastic about the role,' he had 'requested a review of the remuneration package.' The business case said: '[His] current salary at the NTMA is [redacted] which contrasts with the €163,209 at the first point of the assistant secretary grade. 'To address this and to reflect the level of experience and expertise Mr Whelan will bring, the Agency proposes appointing him at the top of the assistant secretary scale, €186,701.' Advertisement It said a committee led by the chair of the Housing Agency fully supported it and believed it was a 'prudent and necessary investment.' As part of the business case, the Department of Housing said they also agreed that Mr Whelan should start on the higher rate of pay. There were further discussions with details sought on how many people had applied and how many were considered suitable for the role. In mid-November, the Department of Housing said they were hoping for a final decision as the matter was now 'very urgent and impacting the business of the [Housing] Agency.' On November 29th, an email from the Department of Public Expenditure said they had closely considered the case and the candidate's previous experience. 'Taking into account his current salary in the NTMA, [we] would have no objection to the Housing Agency negotiating a salary up to the fourth point of the assistant secretary scale,' said the message. Asked about the records, the Department of Public Expenditure said they had nothing further to add.
The Journal
18-07-2025
- Business
- The Journal
Irish sovereign wealth fund stops investing in two more companies linked to Israeli settlements
IRELAND'S SOVEREIGN WEALTH fund has quietly divested shareholdings worth over €1 million from two accommodation companies linked to activities in occupied Palestinian territory. However, the fund has also seen the value of its direct shareholdings in four other companies linked to illegal Israeli settlements – Airbnb, Alstom, Booking Holdings and Motorola Solutions – increase from €2.1 million in 2023 to €5.3 million last year. The latest annual report from the National Treasury Management Agency shows that the Irish Strategic Investment Fund (ISIF) no longer invested in Expedia Group and Tripadvisor in 2024, as it did the previous year. The two companies are listed on a United Nations database that names businesses and parent companies that enable the continued existence of illegal Israeli settlements on Palestinian land. Both are US-owned accommodation booking platforms which The Journal Investigates found had featured dozens of listings based in settlements in the West Bank, parts of occupied East Jerusalem, and the Golan Heights. The NTMA's 2023 report showed that the ISIF's direct shareholdings in the two companies were worth over €1.3 million. Finance Minister Paschal Donohoe revealed in a Parliamentary Question response in April that the State also indirectly invested around €985,000 in Expedia Group the same year. The 2024 NTMA report shows the fund no longer directly invests in either Expedia Group or Tripadvisor, though it is not yet clear whether indirect investments in either company are held. Advertisement Last year, the government publicly announced that it had divested €2.95 million worth of shares from six other Israeli companies, whose names likewise do not feature in the 2024 NTMA report. They include five Israeli banks – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank – and an Israeli chain store, Rami Levi CN Stores. The NTMA report also showed that the State continued to directly invest in four companies that are named on the UN watchlist in 2024, increasing the value of its shares in each of them compared to 2023. They include accommodation platform Airbnb, whose listings also include properties that are based in settlements in the West Bank, occupied East Jerusalem and the Golan Heights. Last year, the value of the ISIF's direct shares in the company were worth €440,000, up from €310,000 in 2023. Airbnb has previously said it donates all profits from listings in the occupied West Bank to 'non-profit organisations dedicated to humanitarian aid that serve people in different parts of the world'. The ISIF also continued to invest in French rail multinational Alstom, whose subsidiary Bombardier Transportation supplied vehicles on the Tel Aviv to Jerusalem train line, which passes through parts of the occupied West Bank . Direct holdings in the company rose to €1.53 million in 2024, an increase on the €210,000 shareholding it held in 2023. A spokesperson for Alstom told previously The Journal that the company does not have any activity within or related to occupied Palestinian territories, and that the company has requested removal from the UN database when it is next updated. Meanwhile, the ISIF retained shares in another accommodation company, Booking Holdings, in 2024. Related Reads Irish sovereign wealth fund pumped millions into companies contracted by Israel Defence Forces Who are the 8 companies that Ireland invests in that have links to illegal Israeli settlements? The company is named on the UN list because lists hundreds of rooms for hotels and guesthouses in settlements in the West Bank, the Golan Heights and East Jerusalem. The ISIF's direct shares in the company were worth €1.04 million last year, up from €920,000 in 2023. And direct shareholdings in Motorola Solutions Inc, whose Israeli subsidiary has been criticised by the United Nations and human rights groups for its treatment of Palestinians in illegal settlements, also rose last year. The ISIF's direct holding in the company rose to €2.35 million in 2024, an increase on the €700,000 worth of direct investments it held in the company 2023. The nature of the fund's investments previously made headlines this week when it emerged that the ISIF also held €3.6 million in Israeli state bonds. Social Democrats deputy leader Cian O'Callaghan claimed it was 'utterly outrageous' that the fund held the bonds and it was claimed the investment was being used to help Israel's 'genocidal campaign' in Gaza. Paschal Donohoe subsequently confirmed that the ISIF had since divested itself of all Israeli bonds in the last number of weeks. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Post
17-07-2025
- Business
- Irish Post
Nearly a third of Irish companies have paid a cyber ransom, a new report shows
RECENT research shows a sharp rise in the frequency and financial toll of cyberattacks targeting businesses across Ireland. A new study conducted by technology consultancy Expleo surveyed 200 business and IT makers from Irish firms with over 250 employees. Nearly 30% of large enterprises were forced to pay at least one cyber ransom in the past year, with the average payment reaching €683,000. A fifth of companies now reserve an average of €2.7 million in anticipation of future cyberattacks—evidence that for many, ransomware is no longer a threat but a certainty. Cybercriminals are increasingly turning to targeted techniques such as "whaling"—a form of phishing that focuses on high-ranking executives like CEOs and CFOs. Half of the organisations surveyed reported a successful breach through this method in the past year, while a staggering 85% said they had encountered at least one attempt. AI attacks are also becoming more common. Forty-one percent of large businesses experienced an attack in the last 12 months. Despite this, only 30% of businesses are increasing their cybersecurity investments, while 22% say their technologies are outdated and 17% say they are underinvesting altogether. According to Expleo's Business Transformation Index 2025, 24% of enterprise leaders expect to fall victim to a cyberattack within the next year. Many now view cybercrime as an unavoidable cost of doing business. Phil Codd, managing director of Expleo Ireland, emphasised the gravity of the situation: 'Ransom demands are no longer just a threat—they are now a mainstay of cybersecurity strategies for organisations. Whether it's an AI attack or not, cybercrime, at its core, is about people—and there is a real-life fallout from every attack.' The consequences are not just financial. Research by Gallagher Insurance found that among Irish companies that experienced cyberattacks over the past five years, 88% reported financial losses and operational disruptions. Additional consequences included intellectual property theft (26%), supply chain interruptions (23%), and reputational damage (23%). Another growing concern is state-sponsored cyberterrorism. Nearly two-thirds (63%) of Irish business leaders say it now poses a greater threat than it did a year ago. The National Treasury Management Agency (NTMA), which oversees the €17 billion Ireland Strategic Investment Fund (ISIF), recently fell victim to a phishing scam. A fraudulent payment request—disguised to resemble a legitimate one—led to the loss of €5 million. The breach led to a review of the NTMA's security protocols. While awareness of cyber threats is high—over 90% of Irish business leaders expressed concern about rising cybercrime—preparedness remains a worry. The disconnect between risk perception and investment is especially alarming in the face of rapidly advancing attack vectors. Cybersecurity experts warn that organisations must move from reactive to proactive strategies. This includes modernising outdated systems, training staff to recognise suspicious tactics and pouring more resources into cyber defence. See More: Cyber Attack, Cyber Crime, Expleo, ISIF, NTMA
