Restrictions placed on staff leaving NTMA

Finance Minister Michael Noonan says the National Treasury Management Agency is extending notice periods and placing restrictions on some departing staff to prevent the potential leaking of confidential information.

“The NTMA is implementing a number of changes to its employment contracts, including the introduction of longer notice periods of three to six months — up from one to three months — for middle and senior management employees,” Mr Noonan said in a written response to a parliamentary question, dated Sept 26.

It will put “garden leave” clauses in all new contracts, he said.

The agency is also adding provisions “where relevant” to new contracts restricting staff from performing services for new employers within six months of departure “relating to a transaction or other matter in respect of which they participated directly or substantially” at the NTMA, he said.

The moves follow a review by law firm Matheson of the NTMA’s policy on such matters, he said.

Brendan McDonagh, chief executive at Nama run under the aegis of the NTMA, told legislators in Dublin last week he was having trouble retaining staff.

More than 10% of all Nama staff have left the agency so far this year, he said.

Bloomberg