Oireachtas Joint and Select Committees

Thursday, 26 September 2013

Public Accounts Committee

Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency

12:30 pm

Mr. Brendan McDonagh:

The reality is that people have the right to move job. However, they are under contractual obligations and statutory obligations in respect of the Official Secrets Act as well as confidentiality clauses in the NAMA Act. There are provisions to enable one to deal with someone who breaches such obligations. I reiterate that the biggest defence is for an asset, which is put up for sale by NAMA or by the debtor in a case to which NAMA must give its consent, to be openly marketed in order that anyone who can buy that asset has an opportunity to bid for that asset and has the same information as anyone else. It is a difficult issue and I accept what the Deputy is trying to say. The reality is that people will come to work in NAMA, where they will work for a number of years, after which they will try to get a job somewhere else. This is what is happening. People are being given opportunities elsewhere because we cannot compensate them, to be frank with the Deputy, in the context of trying to hold on to them.

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