NAMA Human Rights and Equality Assessment

This assessment is undertaken by the National Asset Management Agency (NAMA) in compliance with NAMA’s duty as a public body under the Irish Human Rights and Equality Commission Act 2014 (the “Act”).

NAMA was established in 2009 with a clear commercial mandate to acquire and manage to resolution eligible bank assets (as defined by the National Asset Management Agency Act 2009, the “NAMA Act”). NAMA will cease to exist on 31 December 2025 as its work will be completed.

NAMA and the Irish Human Rights and Equality Commission Act 2014

NAMA is a “public body” for the purposes of the Act. Therefore, in the performance of its functions, NAMA must have regard to the need to:

  • eliminate discrimination,
  • promote equality of opportunity and treatment of NAMA staff and the persons to whom it provides services, and
  • protect the human rights of its members, staff and the persons to whom it provides services.

The IHREC recommends that a public body’s equality and human rights duty can be fulfilled by:

  • setting out an assessment of human rights and equality issues relevant to NAMA’s functions and purposes in its strategic plan in a publicly accessible manner, along with polices, plans and actions to address such issues; and
  • reporting on developments and achievements regarding human rights and equality in its publicly accessible annual report.

However, the obligation on a public body to have regard to human rights and equality is measured against the body’s functions, purposes, size, and the resources that are available to it. Accordingly, NAMA’s assessment was calibrated in this context and its responsibilities under the Act were considered with regard to the following relevant factors:

  • NAMA does not deal with natural persons (other than as representatives for bodies corporate) or provide services to the public,
  • NAMA has a limited lifespan and is set to conclude operations at end-2025, and
  • NAMA does not directly employ any staff – NAMA staff are employed by the National Treasury Management Agency (NTMA) and assigned to NAMA by the NTMA.

Human rights and equality issues relevant to NAMA Staff

The NTMA provides business and support services and systems to NAMA. Human Resources are one such service provided as NAMA does not directly employ any staff. Rather, NAMA staff are employed by the NTMA and assigned to NAMA by the NTMA. Accordingly, NAMA will defer to relevant NTMA policies in relation to any plans or actions that affect staff assigned to NAMA.

The NTMA Corporate Strategy, which is reviewed and updated on an annual basis, contains targets and deliverables to reflect progress on key projects and initiatives, particularly in the area of inclusion & diversity (Gender Balance, Disability Awareness and LGBT+).

As part of its compliance with the requirements of the Public Sector Equality and Human Rights Duty, the NTMA has several policies in place to support employees including:

  • a Dignity and Respect policy,
  • a Workplace Equality policy, and
  • a Gender Identity and Expression policy.

The NTMA is aware of its legal obligations arising from Part 5 of the Disability Act 2005; to promote and support the employment of people with disabilities, to meet a target of 3% of employees with disabilities and to report every year on these obligations. The NTMA is currently exceeding this 3% target.

The NTMA partners with external organisations to promote the employment of people from underrepresented minorities – ShoutOut, Trinity Centre for People with Intellectual Disabilities (TCPID), AHEAD, Specialisterne, WALK, Down Syndrome Ireland, NCBI and Open Doors. Open Doors create pathways to work through training, education and employment for refugee, asylum seekers and non-native English speakers, young people under 25 with educational barriers, people with a disability and members of the travelling community.

Human rights and equality issues relevant to NAMA Service Users

NAMA does not deal with natural persons or provide any services to the public. NAMA originally acquired loans from participating institutions and NAMA’s role in relation to the borrowers of the loans (debtors) is similar to that of a bank. NAMA did not acquire retail mortgages to private individuals.

As these borrowers became NAMA debtors by virtue of their loans being deemed eligible assets under the NAMA Act, NAMA did not (and could not) discriminate against them on any grounds.

NAMA Debtors

NAMA debtors can be individuals operating commercially or other corporate entities such as companies or partnerships.

NAMA’s objective is to obtain the best return for taxpayers and it must make a judgment in each case whether its objective is best achieved through working with the debtor or enforcing against the debtor. Where a debtor cannot meet their obligations or is unwilling to reach a reasonable accommodation with NAMA, the Agency will initiate enforcement action to take control of the assets underlying the loan. In this case, NAMA no longer deals with the debtor in relation to their assets, rather NAMA deals with an appointed Insolvency Practitioner.

All of NAMA’s interactions with debtors are commercial and professional in nature. Fundamentally, NAMA is bound by the terms of the original loan agreements attaching to the loans that the Agency acquired. As regards day-to-day interactions with debtors, engagement is typically based on an agreed business plan, letter of support or other connection management agreement. These are generally legal contracts, mutually agreed by both parties.

It is NAMA’s preference to work consensually with debtors however, in certain cases, enforcement action must be considered. Prior to any enforcement, NAMA undertakes a fair and comprehensive process whereby the debtor can make representations on their behalf.

As NAMA’s interactions with debtors are professional and commercial in nature and typically governed by mutual legal agreements, NAMA is satisfied that the human rights of the debtors (or their representatives) are protected.

While NAMA is legally precluded from publishing any of its agreements with debtors, the process for NAMA engagement with its debtors (including relevant documents, templates and guidance notes) is available on the NAMA website here: https://www.nama.ie/our-work/debtor-engagement.

NAMA Service Providers

In the completion of its statutory objectives, NAMA requires the assistance of specialist service providers. These include inter alia insolvency practitioners, legal advisors, auditors, tax advisors, consultants and press office services. A key criterion in the selection of service providers by NAMA is the extent to which they can provide value for money for the taxpayer.

NAMA as a contracting authority is subject to EU Directive 2014/24/EU as implemented in Ireland by the European Union (Award of Public Authority Contracts) Regulations 2016 (the “Regulations”), in respect of the procurement of goods, works and services above certain EU value thresholds (“EU Thresholds”). The principles underpinning the Regulations are:

  • equal treatment,
  • non-discrimination,
  • mutual recognition,
  • proportionality, and
  • transparency.

Where the Regulations do not apply – either because the value of the procurement is below the EU Thresholds or falls outside of the Regulations – NAMA adopts a process designed to obtain the best value for money that can be achieved.

NAMA is committed to incorporating environmental and social considerations into its procurement practices where appropriate. NAMA also supports small and medium sized businesses in Ireland where that is possible without compromising its value for money principles.

Following the completion of the procurement process and the selection of a preferred service provider, a letter of engagement or contract is agreed between the NAMA and the service provider. This governs all relevant engagement between parties in respect of the provision of the service to NAMA. NAMA is legally precluded from publishing any of its contracts / agreements with service providers.

Members of the Public

While NAMA does not directly provide services to the public, NAMA manages concerns raised by members of the public through its email address, info@nama.ie, by post, directly by telephone and also through Freedom of Information (FOI).

In responding to queries from member of the public, NAMA ensures that it acts as transparently as possible, within the parameters of its legal obligations. NAMA is professional and courteous in all such interactions.

NAMA has internal policies and procedures for dealing with such requests, which are reviewed and approved annually, including:

  • a Communications Policy,
  • an Incoming Queries Procedure, and
  • NAMA FOI Unit Procedures for Freedom of Information, Access to Information on the Environment and Re-Use of Public Sector Information Requests.

NAMA’s interaction with members of the public is solely based on responding to queries originating from the public. NAMA does not discriminate with regard to the receipt of or response to these queries and all queries are dealt with promptly and professionally. NAMA is therefore satisfied that the human rights of members of the public are protected.

Other – Oireachtas members, Media, Investors / Analysts

Similar to its interactions with members of the public, NAMA often receives queries from Oireachtas members (or their representatives), reporters, or other interested parties such as investors or analysts.

In responding to such queries, NAMA ensures that it acts as transparently as possible, within the parameters of its legal obligations. The policies and procedures for dealing with such requests are the same as those noted under “Members of the Public” section above, with the exception that media queries are dealt with by NAMA’s external press office provider (a mutually agreed contract governs this service).

As above, NAMA’s interaction with these parties is often based on responding to queries originating from them. NAMA does not discriminate with regard to the receipt of or response to these queries and all queries are dealt with promptly and professionally. NAMA is therefore satisfied that the human rights of these parties are protected.

Assessment

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, this assessment was carried out on the basis of NAMA’s interaction with its debtors, service providers and other interested parties / stakeholders. As 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.

It is clear from this assessment that NAMA does not discriminate as it does not freely offer any services. Rather its business is mandated by legislation. However, where NAMA deals with individuals as debtors, service providers, or their representatives, interactions are commercial, professional and typically governed by a mutually agreed contract or other legal agreement.

Where NAMA deals with individuals as members of the public, Oireachtas, media or investors / analysts, NAMA is professional and ensures that it acts as transparently as possible, within the parameters of its legal obligations.

NAMA has policies and procedures, or mutually agreed contacts or legal agreements, for dealing with each of the parties highlighted in this assessment, and the NTMA has policies for matters relating to NAMA staff. Policies and procedures are reviewed and approved annually.

We are satisfied that these policies and agreements are sufficient for ensuring compliance with NAMA’s responsibilities under the IHREC Act. Furthermore, as NAMA will cease operations at the end of 2025, we do not propose the creation of any new policies or procedures.