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

I believe there is need for further discussion on this issue. My real concern is that because NAMA has already disposed of many of its assets and will, in my view, wind up before its anticipated timeframe - whether that should happen is a different debate - the private sector is at this point in time poaching our best NAMA staff. Staff currently employed by NAMA who will perhaps be out of a job in a year or two will want to consider offers coming their way. The problem is that the cooling off periods are not adequate. This has been recognised already in terms of the stricter conditions that now apply to new employees and staff promoted within NAMA, including prohibition of certain activities of an employee's subsequent employment. If that had applied to other employees then view the executive who recently left NAMA would not have been in a position to take up his current position, in respect of which there appears to be a conflict. I am not suggesting he will do anything, because he is still bound by secrecy and cannot use the information he has, but there is a huge concern that we have allowed that system to develop. I am not sure what can be done but something has to be done. NAMA needs to not only break even but to make a profit because the haircut it took was then forced on the Irish people in terms of recapitalisation of the banks.

While I will raise the matter with NAMA when it next appears before the Committee of Public Accounts or the finance committee, I would encourage the Minister's officials to look into whether anything can be done in this regard in respect of current employees, even on a voluntary basis.

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