Michael McGrath (Cork South Central, Fianna Fail)
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116. To ask the Minister for Finance the number of staff at the National Asset Management Agency who took voluntary redundancy in 2015; the total amount paid to these staff in 2015; the five highest amounts paid to those who departed and the departments within the agency from which they exited; and if he will make a statement on the matter. [1822/16]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that 50 members of staff assigned to NAMA were approved for voluntary redundancy in late 2015. No payments have yet been made but the redundancy and retention payments due to the departing staff aggregate to gross before tax of €2.1m, of which €1.3m comprises redundancy payments and €0.8m comprises retention payments.

I do not propose to provide a breakdown of payments by NAMA division or the five highest amounts paid as that would potentially identify the salaries and redundancy/retention amounts paid to particular individuals. However, I am advised that the individual redundancy/retention gross payments ranged from €12,751 to €95,791, with an average payment of c.€42,000, and that the average of the five highest redundancy/retention gross payments was €82,850.

As set out in response to Dáil Question 90 of 24 September 2015, the redundancy element is in keeping with established public sector norms; that is, 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.  NAMA have advised that the redundancy payments referenced above have been made in line with these public sector norms.

NAMA also have advised that the retention portion of the scheme is being implemented in line with the stipulated parameters which I agreed with the NAMA Chairman in March 2015 regarding the quantum of any payment under the scheme, the timing of any such payment, and employee eligibility under the scheme to ensure that it served the underlying objective of helping to safeguard NAMA's performance in line with an orderly wind-down plan.