Mr. Brendan McDonagh:

To explain the point to the Deputy, when people joined NAMA they were subject to a three-month notice period. NAMA does not have employees itself; they are all employed by the NTMA. People in the NTMA had a notice period of only one month. This contrasts with the position in NAMA, in which we said we wanted a three-month notice period. That was put in place from the very start.

The NTMA, further to its having taken legal advice, has stipulated in respect of newly hired staff and people promoted into senior positions, which happens in organisations over time, that the notice period can be extended to six months. Part of the provision for those with new contracts and those who are promoted is such that if they move to a company that is to deal with any part of the NTMA, not just NAMA, they must recuse themselves from dealing with that company for a further six months.