8. Operating expenses
| 2016 €000 |
12 Sept 2014 to 31 Dec 2015 €000 |
|
|---|---|---|
| Costs reimbursable to the NTMA (See Note 8.1) | 3,847 | 3,672 |
| Board fees (See Note 9) | 95 | 74 |
| Amortisation (See Note 16) | 88 | 71 |
| Other expenses | 789 | 599 |
| 4,819 | 4,416 |
Other expenses comprise all other expenses paid directly by the Company. These primarily comprise of marketing costs and legal and professional fees.
8.1 Costs reimbursable to NTMA
| 2016 €000 |
12 Sept 2014 to 31 Dec 2015 €000 |
|
|---|---|---|
| NTMA staff costs | 1,917 | 1,847 |
| Business services | 1,500 | 1,163 |
| Professional fees | 290 | 356 |
| Technology | 107 | 254 |
| Other operating costs | 33 | 52 |
| 3,847 | 3,672 |
NTMA staff costs
The Company has no employees. All personnel are employed by the NTMA and the remuneration cost of staff who are engaged full time in the SBCI business are recharged to the Company by the NTMA. The average number of employees directly engaged in the Company during the financial year was 12 (2015: 8). At the reporting date there were 15 employees directly engaged in the Company (2015: 9). NTMA staff costs include the remuneration and other staff related costs, such as temporary staff costs, recruitment costs and staff training costs, of the NTMA staff directly engaged in the SBCI.
NTMA staff costs include the CEO’s salary which is as detailed below. The remuneration of the CEO is determined in accordance with sections 7(2) and 8 of the National Treasury Management Agency Act 1990.
| Nicholas Ashmore (CEO) | 2016 | 2015 |
|---|---|---|
| Annual salary | 250,000 | 250,000 |
| Annual taxable benefits | 24,548 | 23,154 |
| 274,548 | 273,154 |
No performance related payment was paid to the CEO during the financial year, nor in the prior period, and no such payment is payable at financial year end. The amounts paid to the CEO are included in the costs reimbursable to the NTMA.
The CEO’s pension entitlements do not extend beyond the standard terms of the model public sector superannuation scheme.
Business services
Business services costs comprise costs incurred during the financial year in relation to the premises occupied by the Company and the cost of support services provided by the NTMA.