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NAMA Staff Data

Dáil Éireann Debate, Tuesday - 22 January 2019

Tuesday, 22 January 2019

Questions (139, 140)

Pearse Doherty


139. Deputy Pearse Doherty asked the Minister for Finance the number of staff left in NAMA; the number that will be made redundant in 2019; and if he will make a statement on the matter. [2860/19]

View answer

Pearse Doherty


140. Deputy Pearse Doherty asked the Minister for Finance the amount paid in redundancy or severance to former staff of NAMA; the amount paid to incentivise staff to remain with the agency; and if he will make a statement on the matter. [2861/19]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 139 and 140 together.

The NAMA Voluntary Redundancy Scheme (“VRS”) was first approved by the NAMA Board in 2015. 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. Retention payments are only made where staff are departing the organisation under the Agency's redundancy programme. The retention payment for individual staff is dependent on NAMA achieving its targets and on satisfactory individual performance ratings.

A breakdown of the costs of the scheme to date is provided in the table following. It should be noted that included in the total VRS costs are costs associated with garden leave for employees departing under the scheme as well as statutory and other redundancy costs and a retention payment, if applicable.


Voluntary Redundancy Scheme (VRS) Costs €m

Retention Payments (included in total VRS costs) €m










Total *



*the final figures for the 2018 VRS have not yet been finalised.

I am advised that as at 31 December 2018, 238 staff were assigned to NAMA. I am advised that it is not yet possible to estimate the exact number of NAMA staff expected to take voluntary redundancy in 2019. Any future schemes will take into account the ongoing business needs of the Agency at that time, as determined by the NAMA Board’s objectives. The Deputy will be aware that as Minister, I have no role in respect of NAMA's commercial operations or decisions, including determining NAMA's staffing numbers and redundancy requirements, which are internal considerations for the NAMA Chief Executive and Board.