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

That is probably the problem. The staff of the NTMA have been seconded from elsewhere and some of them previously held some of the most senior positions in the Department of Finance. The latter is supposed to be turning the screw on the banks in order to ensure - in view of the their previously reckless behaviour - that they act appropriately. Those who run the banks have decided to cherry-pick staff from the NTMA and offer them jobs with their own organisations. The staff in question are officials from the Department of Finance who were seconded to the NTMA and who are in possession of all the relevant information relating to deleveraging. One of the officials who left the NTMA worked on matters relating to the former Anglo Irish Bank and possess all of the details relating to the Government's strategy and how it proposes to deal with or put the squeeze on the banks. The individuals also possess information in respect of the banks' competitors. The banks can cherry-pick them from among the ranks of the staff of the NTMA because they have been seconded from the Department of Finance and are not regarded as being public sector workers and are not, therefore, bound by the rules which apply to the latter.

The banks are able to take on the individuals in question within eight weeks of their leaving the NTMA. Questions arise with regard to whether a two-year cooling off period is sufficient but allowing someone in possession of the type of information to which I refer to walk into the executive boardroom of a major bank - a private institution - within eight weeks is just not acceptable. I am extremely disturbed by the fact that the NTMA does not appear to be alarmed about this matter. In my view, there is potential for the State to be compromised by virtue of the fact that we have not put in place robust mechanisms to bring an end to this revolving-door scenario.