NAMA and the NTMA
The National Asset Management Agency was established in December 2009 as a separate statutory body, with its own Board and Chief Executive appointed by the Minister for Finance and operating under the aegis of the National Treasury Management Agency (NTMA).
The NTMA was established in 1990 to borrow for the Exchequer and manage the National Debt. Since then it has grown considerably and now has a range of functions providing financial and risk management services to the Government. These include the Ireland Strategic Investment Fund, the National Development Finance Agency, the State Claims Agency and the National Asset Management Agency.
The Chief Executive of the NTMA is an ex-officio member of the NAMA board.
All of NAMA’s staff are employees of the NTMA and are assigned to NAMA by the NTMA . The NTMA 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.
As NAMA operates under the aegis of the NTMA, NAMA works closely with the NTMA to ensure it meets it obligations under the Public Sector Climate Action Mandate. Accordingly, the NTMA Climate Action Roadmap encompasses NAMA and reporting requirements relating to relating to the SEAI monitoring and reporting system and GHG emissions will also be covered for NAMA by the NTMA. Notwithstanding this, NAMA, as a distinct organisation, has sought to advance sustainability initiatives where possible, further information on NAMA's sustainability initiatives can be found here
As a public body, NAMA has regard to the need to eliminate discrimination, promote equality of opportunity and protect human rights of staff and service users, as set out in Section 42 of the Irish Human Rights and Equality Commission Act 2014. In compliance with NAMA’s duty as a public body under the IHREC Act 2014, NAMA has undertaken a Human Rights assessment, which is available here. NAMA staff are employed by the NTMA and therefore NAMA defers to relevant NTMA policies in relation to any plans or actions that affect the human rights of staff assigned to NAMA and obligations relating to assessment will be addressed by the NTMA.