Written answers

Tuesday, 27 November 2012

Department of Finance

National Asset Management Agency

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to Parliamentary Question No. 228 of 6 November 2012, in which he stated that one National Asset Management Agency employee earned more than €500,000 gross salary, employer pension contribution and where applicable, other benefits and further to Parliamentary Question No. 200 of 20 November 2012, in which he stated that NAMA's chief executive officer's salary is €365,500 and in addition payments of circa €24,000 were made in respect of car and medical, if the NAMA employee referred to in both questions is the NAMA CEO; if so, if he will provide an explanation for the apparent discrepancy between remuneration of more than €500,000 and circa €390,000 of salary and car and medical insurance; and if he will reconfirm the breakdown of salary and additional benefits paid to the NAMA CEO. [52897/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am informed by NAMA that there is no discrepancy between the two replies. Parliamentary Question No. 200 of 20 November 2012 sought information on the salary and taxable benefits paid to the NAMA Chief Executive in 2010 and 2011. This was provided as follows:

20112010
Salary€430,000€430,000
Taxable Benefits (car and health insurance)€24,483€23,036

The reply also stated that the Chief Executive agreed to a request from the Minister to a reduction of 15% in salary in respect of 2012, thereby bringing his 2012 salary to €365,500.

Parliamentary Question 228 of 6 November 2012 sought information on the total remuneration package, including pension costs. The reply was therefore prepared by reference not only to contractual salary and benefits but also to the actuarially-determined employer contribution to the NTMA superannuation scheme. Unlike most public pension schemes which are funded on a pay as you go basis, the NTMA superannuation scheme is a funded scheme. Pension contributions are not paid to individual employees – they are paid into the scheme. The level of potential pension payments to members is dependent on length of service, based on final salary or career average earnings, with 1/80th of salary accruing for each year of service.

Photo of Joanna TuffyJoanna Tuffy (Dublin Mid West, Labour)
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To ask the Minister for Finance the provisions being made by the National Assets Management Agency in relation to a social dividend from its portfolio of land; the way a community organisation should approach NAMA in relation to the delivery of social dividend; and if he will make a statement on the matter. [52910/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Consistent with its overriding commercial mandate as set out in Section 10 of the National Asset Management Agency Act 2009, NAMA has demonstrated its commitment and contribution to the achievement of wider social and economic policy objectives in line with Section 2 of the Act. This includes NAMA’s identification of over 3,800 residential units controlled by its debtors and receivers as being available and potentially suitable for social housing and its policy of giving first option to public bodies on the purchase of property in which may be suitable for their purposes. The Agency also works to facilitate engagement between interested parties, including community and sporting organisations, and its debtors/receivers/sales agents and this has led to a number of positive outcomes for both parties.

I am advised by NAMA that in the first instance community groups themselves are best positioned to identify specific properties related to a NAMA loan that may be suitable for their purposes. Such groups are therefore encouraged to make contact with the owners of property and to inform NAMA of their interest. It should be noted that, while NAMA is prohibited by its legislation and by the normal rules of banking confidentiality from disclosing the identity of debtors or details of their properties, the Agency ensures that debtors are aware of interest in their properties and encourages them to engage with potential purchasers. NAMA has published an information guide, which is available on its website, www.nama.ie and which has been circulated to all Oireachtas members, for community organisations and others who may have an interest in properties controlled by NAMA debtors and receivers.

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