Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Last week, I raised with the Minister for Finance the issue of employees of the NTMA who have moved into the private sector. Three senior employees who were seconded by the NTMA from the Department of Finance have resigned their positions and moved into the private sector. Mr. Michael Torpey was the member of staff who left most recently. I am not commenting on the individuals involved but the fact that this is happening should sound alarm bells for everyone. The revolving door between the Department of Finance and the banks was part of the reason we ended up in the terrible situation in which we find ourselves. I find it baffling that the head of the shareholding management unit of the Department of Finance could leave and within eight weeks become an executive in a bank that is subject to the policy decisions he was discussing with his former team. I also find it baffling that two other former senior staff of the NTMA have ended up in senior positions in other banks.

Mr. Corrigan stated that this is an issue of concern. Does it not, however, ring alarm bells within the NTMA that a cooling-off period does not exist? If NTMA staff were classed as public sector workers, an automatic cooling-off period - which the Government believes should be two years - would apply to them if they left their positions. We are allowing senior people from the Department of Finance who are seconded to the NTMA to walk into jobs in banks within eight weeks. What needs to be done and how soon in order to bring an end to what is happening in this regard? The National Treasury Management Agency Act prohibits people from discussing or divulging information that would have come into their possession during their employment with the agency. Does this provision extend to those who have been seconded from other Departments or agencies?