If you’re having an annual review and agreeing your objectives with any half-decent manager, you will know what SMART stands for – Specific Measurable Attainable Realistic Timebound. Instead of having some nebulous objective which you don’t understand and which can’t be objectively measured, you agree meaningful objectives and at the end of the year, you and your manager or staff can agree if objectives have been met. It’s standard stuff.
But NAMA HQ is a SMART-free zone, and today the Agency has published its objectives for 2013 and lo and behold, there’s not a specific target or measurable objective for the 12 months of 2013 at all. It’s a good job that the senior folks at NAMA waive their bonuses because otherwise there could be a real bunfight over whether or not objectives had been met.
In fairness, there is one metric in the objectives – NAMA does estimate its operating costs in 2013 will be €140m, down from what NAMA says was €167m in 2012. In fact, NAMA’s budget for 2012 was €194m, but it seems that NAMA is conveniently ignoring receivership costs and is deducting these from proceeds of sales at companies to which receivers have been appointed.
NAMA is continuing to recruit and now employs 206 staff directly from the NTMA who are involved in the disciplines shown below (in brackets) plus 550 staff who manage smaller loans at AIB, Bank of Ireland and IBRC plus an army of service providers.