Michael McGrath (Cork South Central, Fianna Fail)
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199. To ask the Minister for Finance the redundancy scheme operated by NAMA; the number of staff that availed of the redundancy scheme; the overall cost to the agency; and if he will make a statement on the matter. [39908/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I would refer the Deputy to Dáil Questions No. 64 of June 22, 2017 and No. 273 of May 2, 2017, which outline that the NAMA retention and redundancy scheme was established to help safeguard NAMA’s performance, aid the Agency in retaining its operational capabilities through the retention of key staff during the course of its disposal strategy, and allow NAMA to fulfil its objective of maximising value for the State.

Further information on the nature of the scheme was provided by the Department of Finance to the Public Accounts Committee in January 2016, which can be accessed here (see pages 3 -8):

www.oireachtas.ie/parliament/media/committees/pac/correspondence/2016meetings/meeting180-28012016/PAC-R-2078-Correspondence-3A.1---Follow-up-from-Derek-Moran-Dept-Fin-re-meeting-of-03.12.15.pdf.

The nature of the redundancy payments has previously been outlined to the Dáil, and 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 has advised that the retention portion of the scheme is being implemented in line with the stipulated parameters, agreed by the previous Minister for Finance and NAMA 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 be eligible for the retention scheme a NAMA employee must:

- have been identified by the NAMA Board as essential to achieving NAMA’s objectives;

- be on a specified purpose contract.

- An employee is not eligible if on a permanent contract; has a right of return to the NTMA or is employed by any successor entity of NAMA;

- have a minimum of two year’s employment with NAMA at the time of redundancy;

- have maintained a “fully satisfactory” rating or greater for the duration of their employment with NAMA;

and

- remain with NAMA as long as required (Note: an employee will not be paid if (s)he resigns prior to the pre-agreed termination date).

Since the redundancy & retention scheme was approved by the NAMA Board in 2015, I am advised by NAMA that a total of 91 members of staff have been approved for the scheme and have left the employ of NAMA. I am also advised that the 2018 Voluntary Redundancy scheme was advertised in July, and that process is currently ongoing. A breakdown of the costs of the scheme to date is provided in the following table.