Peter Mathews (Dublin South, Fine Gael)
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Question 120: To ask the Minister for Finance if developers who are paid by the National Asset Management Agency to manage their property assets are treated as employees or contractors; if they have PAYE, PRSI and USC deducted from their earnings if they are treated as employees; if they have withholding tax deducted at source if they are treated as contractors; and if he will make a statement on the matter. [35707/11]

Michael Noonan (Limerick City, Fine Gael)
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NAMA advises me that it does not employ or pay developers, whose loans have transferred to the agency, on a direct employee or on a contract basis. Each developer is responsible for ensuring that they are fully compliant as regards the payment of all taxes, PRSI or USC. NAMA only works with developers where it considers that this will provide the best return to the taxpayer. The agency informs me that the remuneration packages for developers who agree to co-operate with NAMA are authorised by NAMA within the budget for overheads, which is part of its business plan agreements with these debtors. The business plan process is designed to ensure that the return to the taxpayer is maximised.