All NAMA staff are employees of the NTMA as Section 42 of the National Asset Management Agency Act, 2009 provides that the NTMA shall assign staff to NAMA. Other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires their particular function.
Since inception, staff assigned to NAMA have a 3-month notice period and garden leave provision in their contracts. Following a review of NTMA notice periods and post termination restrictions of employment, a provision prohibiting certain activities in an employee's subsequent employment for a defined period of time has also been introduced on a case by case basis. NAMA is not obliged to record the details of future employers for individuals who leave the organisation.
The Deputy will also be aware of Section 202 provisions in the NAMA Act, which are lifelong provisions with respect to confidentiality for all current and former staff assigned to NAMA and to members of the NAMA Board.
