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.
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.
The Chief Executive of the NTMA is an ex-officio member of the NAMA board.
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. Noting that NAMA does not provide services to the public and the NTMA is the body which assigns staff to NAMA, Public Sector Duty obligations relating to NAMA staff will therefore be assessed and addressed by the NTMA.