Oireachtas Joint and Select Committees

Thursday, 4 July 2019

Public Accounts Committee

2017 Annual Report of the Comptroller and Auditor General
Chapter 21 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2018

9:00 am

Mr. Conor O'Kelly:

The NTMA is a bit of a hybrid. It sits slightly outside of the public sector pay system. We do not have increments and are not subject to the usual public sector pay conditions. This was part of the legislation that established the NTMA. Contracts are drawn up individually. We have more flexibility than is available in the rest of the public sector. Our board agreed to put the scheme in place. It is about having mobility throughout the organisation and ensuring that we always have the right skill set. Obviously it must represent value for money. Under the Department of Public Expenditure and Reform's terms, three weeks per year of service is considered reasonable provided it can be demonstrated to a board - and our own board is very challenging in this regard - that it makes economic since and that it will result in a return. That is why, as Ms Brennan pointed out, it made sense for us in this case. We refresh the organisation, we add new skills, people move on and we save money.

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