Michael noonan

By Liam Deegan

It was reported in the Irish Examiner (14th March) that NAMA were to make all of its staff redundant by the end of 2016 and that the cost to the exchequer would be in the region of €20 million Euro to cover the cost. Minister Noonan says that he expects the 363 staff members to receive an average of €55,000 each in a payout.

What Minister Noonan has failed to tell you is that NAMA have NO employees… I will repeat that statement again in case you misread it… NAMA have NO employees!

I quote directly from their own website and a certified copy of their own annual returns to the Companies Registration Office that was obtained for accuracy of the story… “The NTMA (National Treasury Management Agency) also provides NAMA with business and support services, including human resources, information technology, market risk, communications and the execution and processing of hedging transactions. NAMA reimburses the NTMA for the costs of staff assigned to NAMA and the costs of business and support services.”

Minister Noonan goes on to say; “The bottom line is that Nama staff are entitled to statutory redundancy and whatever additional severance pay — if indeed there is any — as set out in their contract of employment.”

According to the NTMA themselves, the NTMA is a State body which operates with a commercial remit to provide asset and liability management services to Government. The agency has been in operation since 1990 and answers directly to the minister for Finance.

This report should raise hackles on the necks of everyone who can see the potential scam being pulled by Noonan and Co and therefore serious questions about who is telling the truth… Noonan or NAMA or neither of them?

1.Why is €20 million of taxpayers money being set aside to pay off non existent staff?

2. Why does Noonan claim that there are 363 staff employed by NAMA when all of the 363 staff are public service employees supplied by NTMA who are already on state paid salaries?

3. Is Noonan trying to get rid of the NTMA and replace it with something else that is privately owned and the service then contracted out to friends of the government?

4. Where is the €20 million coming from to pay for these non existent staff and is it coming from NAMA or the NTMA?

So Minister Noonan, lets start again shall we? But with the truth this time!