The National Asset Management Agency (NAMA) is planning to cut its staff numbers by more than two-thirds over the next two years as it begins to wind down its operations. Chief Executive Brendan McDonagh told staff last Friday that the agency will offer a redundancy programme as staff numbers are cut from 370 to 125.
Irish Times report that the redundancy programme will take place in two phases. The amount of people employed by the agency will be reduced to around 290 by the end of 2015. The rest of the redundancies will come towards the end of the 2016.
The remaining staff will be retained depending on future “business requirements”, according to a NAMA spokesperson.
By the end of last year NAMA had paid 55 percent of its senior debt - putting it two years ahead of its original schedule.
NAMA is on course to sell off all of its loans, assets, and properties ahead of target - and due to repay 80 percent of its debts by the end of 2016. The remaining 20 percent is likely to be repaid by the end of 2018.
Assets worth almost €19bn have already been sold by NAMA - with close to €8bn being sold in 2014 as international demand for Irish commercial property assets increased. This demand is expected to remain strong in the next 12 months.
