I think Michael McGrath hit the nail on the head when he said it raises big questions about NAMA governance procedures. What do NAMA say should have happened.
NAMA hold security over a huge amount of property and hold sway over the fortunes of thousands of people (including employees, professional services firms serving NAMA, managing agents, possibly some bank employees). They need proper governance because they hold such power.
(It is to be noted that whereas NAMA have put together large panels of firms which they can engage to do work it would appear that they have given the vast bulk of work to a small group of firms. This is strange where there are many thousands of matters to be dealt with.)
I doubt it would be possible to prohibit employees from working for other property investment companies or banks if that is the area they work in, but one would expect strict confidentiality clauses to apply (for whatever they are worth). Those clauses should cover using info for one’s own gain or for another’s gain.
It is also worth noting that apart from those working in NAMA, the banks had hundreds of people working on due diligence on the sale of assets to NAMA. Such people may have had access to valuations if not to the amount actually paid by NAMA (which information Frank Daly said was sensitive commercial information in his recent interview with Vincent Browne).
Section 35 of the NAMA Act requires that codes of conduct, including codes of conduct for officers (employees) be put in place. This has been done:
nama.ie/governance/codes-of- … d-conduct/
However, it is not clear that any sanction other than normal employment related sanctions apply (verbal warning, written warning, suspension, dismissal?).
(1) Within 3 months after the establishment day, NAMA shall prepare codes of practice for approval by the Minister in relation to the following matters:
(a) the conduct of officers of NAMA;
(d) disposal of bank assets;
(2) A code of practice referred to in subsection (1)(a) shall set out—
(a) what constitutes misconduct in office for the purposes of section 43,
(b) the procedures for the investigation of an officer of NAMA suspected of misconduct, and
© the procedures for the suspension of such an officer from his or her duties for misconduct in office.
(3) After a code of practice is approved by the Minister, every person to whom it applies shall have regard to and be guided by that code in the performance of his or her functions and in relation to any other matters to which the code relates.
(4) If in the opinion of the Minister adequate provision has not been made in a code of practice drawn up by NAMA under subsection (1), the Minister may—
(a) direct NAMA to modify the code of practice, or
(b) substitute his or her own code of practice.
(5) NAMA shall publish a code of practice, issued under this section as approved by the Minister, on the NAMA website."