Michael McGrath (Cork South Central, Fianna Fail)
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107. To ask the Minister for Finance the number of employees who have left the National Asset Management Agency to date by way of a redundancy programme; the typical severance payments that apply for individual staff members; if he will provide aggregate details of any payments made to date; if he will confirm the agency's current staff headcount, and the number expected to take up redundancy in 2015 and 2016; the overall severance amounts that are expected to be made; and if he will make a statement on the matter. [10978/15]

Michael Noonan (Limerick City, Fine Gael)
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To date no staff member assigned to NAMA has left due to redundancy. A communication to NAMA Officers in January 2015 presented an outline of a possible redundancy programme.

The total number of staff assigned to NAMA was 363 at the start of March 2015. Numbers assigned to NAMA are projected to reduce to 292 by end December 2015 and to 125 by end December 2016 subject to the achievement of NAMA disposal targets as agreed by the NAMA Board. This will be reviewed in line with progress on meeting targets in 2015 and 2016.

I am aware of the significant risk to the performance of NAMA posed by the possible early departure of staff before their objectives are reached.  This has been highlighted in the Section 227 review and by the Board of NAMA to me.  I understand this has also been brought to the attention of the Oireachtas by NAMA. I am currently in discussions with the Board of NAMA on the appropriate measures to put in place to protect the financial performance of NAMA. I expect to reach agreement shortly and that the overall costs of any redundancy scheme, including statutory redundancy, will be not more than €20million.