Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the safeguards that the National Asset Management Agency has in place to prevent confidential or privileged knowledge acquired during the course of employment at NAMA being subsequently used by departing employees when they begin work with a new employer. [38531/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Staff assigned to NAMA by the NTMA are bound by a number of statutory obligations in respect of the confidentiality of information to which they have access by virtue of their employment by NAMA. These include obligations imposed under Section 14 (1) of the National Treasury Management Agency Act 1990 and under Section 202 of the NAMA Act 2009. NAMA staff are also subject to the provisions of the Official Secrets Act 1963. Contravention of these statutory obligations constitute criminal offences.

Under Section 7 of the NAMA Act, a person who commits such an offence is liable

(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both or

(b) on conviction on indictment, to a fine not exceeding €5,000,000 or imprisonment to a term not exceeding 5 years or both.

In that context, NAMA may reasonably expect that former employees will abide by their statutory obligations which are perpetual and which remain binding after they cease employment with NAMA. I am advised that the Board is currently reviewing procedures that will look at all areas in relation to the protection of sensitive information.