Patrick O'Donovan (Limerick, Fine Gael)
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To ask the Minister for Finance the number of employees working for the National Asset Management Agency; the highest wage paid to a NAMA employee; the average wage for a NAMA employee; the recruitment process employed for new employees; if new positions are advertised for positions with NAMA; and if he will make a statement on the matter. [37923/12]

Patrick O'Donovan (Limerick, Fine Gael)
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To ask the Minister for Finance the number of persons working for the National Asset Management Agency; the number of different pay scales within the agency; the number of persons within each pay scale; if he will provide details on the recruitment process to which the agency adheres; and if he will make a statement on the matter. [38607/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 194 and 313 together.

All NAMA staff are employees of the NTMA and under Section 42 of the NAMA Act 2009, the NTMA assigns staff to NAMA. Other than a small number of staff reassigned from other functions within the NTMA, NAMA staff are employed by the NTMA on the basis of specified purpose contracts - their employment lasts for as long as their particular skills and experience are required by NAMA. NAMA reimburses the NTMA the costs incurred by the NTMA in assigning staff and providing business and support services to NAMA. As of 24 August 2012, some 217 staff had been assigned by NTMA to NAMA. The highest paid executive in NAMA is the Chief Executive Officer whose salary is €430,000. However, the CEO agreed to a request from me that he waive 15% of salary in 2012, thereby reducing it to €365,500.

Under the NTMA business model, there are no general pay scales. Staff are employed on the basis of confidential individually negotiated contracts. The average annual salary of staff assigned to NAMA is €100,000. This reflects the fact that, given the nature of its activities, the staffing complement assigned to NAMA is primarily composed of experienced professional staff with substantial private-sector experience. Remuneration scales by band for all NTMA and NAMA staff are set out in NTMA’s 2011 Annual Report. Vacant positions within NAMA are openly advertised on the NTMA website and positions are filled through a process involving competitive interview and aptitude tests.