Wednesday 12 December 2018

Nama has lost 10pc of staff since January


NAMA has lost 10pc of its staff and is in talks with the Government over how it can retain key employees, chief executive Brendan McDonagh has said.

Since the start of this year, 37 staff members have left the agency, which has a total workforce of 370, Mr McDonagh said.

If the agency continues to lose people at the current rate, there could be a risk to its ability to deliver housing and office developments that have been requested by Finance Minister Michael Noonan, he added.

"The minister acknowledged this himself in his Section 27 review (of Nama)," said the Nama boss.


Asked if he has been approached personally by prospective employers, Mr McDonagh declined to comment.

"I won't comment on myself, it would be unfair," he said.

Nama has previously floated the idea of making some kind of "retention payments" in order to hold on to staff who know their jobs will be lost as the agency is wound down between now and 2020.

Mr McDonagh was speaking at the International Corporate Restructuring Summit 2014 hosted by Business & Finance magazine in the Convention Centre in Dublin yesterday.

He told the summit that Nama is to invest up to €1.8bn to provide high end office space in the Dublin docklands.

It will also commit to invest ing €1.2bn to €1.3bn in residential property construction.

The plans have been driven by two requests from the Minister for Finance to invest in the Dublin docklands area and in house building, and the residential property spend will fund 4,500 new homes by 2016, Mr McDonagh said.

The Nama chief said his agency is playing its part in the national recovery.

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