Jerry Buttimer (Cork South Central, Fine Gael)
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To ask the Minister for Finance if he will provide a breakdown of salaries paid by the National Assets Management Agency to its employees, in bands of €25,000; the number of employees in each band; the qualifications and experience of the employees in each band; and if he will make a statement on the matter. [42484/12]

Jerry Buttimer (Cork South Central, Fine Gael)
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To ask the Minister for Finance the benchmarks and criteria used by the National Assets Management Agency in determining the salaries paid to its employees; and if he will make a statement on the matter. [42485/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 81 and 82 together.

I refer the Deputy to my responses to Parliamentary Questions from Deputy Patrick O’Donovan on 18 September last on the same topic which I have set out below. All NAMA staff are employees of the NTMA. 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.