Michael McGrath (Cork South Central, Fianna Fail)
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90. To ask the Minister for Finance if he will provide an update on the number of employees who have left the National Asset Management Agency to date by way of a voluntary redundancy programme; the number of these who were in management roles; if the programme is still open; the typical severance payments that apply for individual staff members; if the programme has been fully subscribed, and, if over-subscribed, by how many persons; if he will provide aggregate details of any payments made to date; if he will confirm the agency's current staff headcount, and the numbers expected to take up redundancy in 2015 and 2016; the total severance amounts that are expected to be made; and if he will make a statement on the matter. [32629/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by NAMA that to date no staff member has left due to redundancy and therefore no payments have been made under the NAMA redundancy programme. As previously advised,  the NAMA Board has projected based on its current strategy that the total number of staff assigned to NAMA will reduce from 342 currently to 291 by the end of this year and to 125 by the end of 2016 subject to the achievement of NAMA disposal targets, residential initiatives and Dublin Docklands facilitated developments.

As also previously advised, the terms of the NAMA redundancy scheme, which are in line with established public sector norms, are two weeks statutory pay per year of service, capped at €600 per week, plus three additional weeks of base salary per year of service with an overall cap of two years base salary.   As I outlined in responses to previous PQs the overall cost of NAMA's redundancy scheme and appropriate staff retention measures that I have agreed with the NAMA Board will not exceed €20m. The implementation of the redundancy scheme is an operational matter for the Board of NAMA.