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Wednesday 6 December 2023 Dublin: 8°C
Photocall Ireland Treasury Buildings in Dublin where NAMA is located. (File photo)

NAMA to recruit Chief Financial Officer as part of reorganisation

The agency is setting up three new divisions as part of a reorganisation partly recommended by the former CEO of HSBC last year.

THE NATIONAL ASSET Management Agency (NAMA) is to recruit a Chief Financial Officer (CFO) as part of a reorganisation of its functions.

Existing divisions within NAMA are to be restructured and a number of other divisions set up including an asset management unit, an asset recovery unit and a strategy and communications unit.

The agency was set up in 2009 in response to the unprecedented financial crisis that hit Ireland and the subsequent State guarantee of the banks.

It acts  as a “bad bank” which has acquired €75 billion in bad property development loans from banks in exchange for government bonds. It is attempting to sell off property and loans and recoup as much money as possible for the taxpayer.

The changes come on foot of a report last December by the former chief of HSBC bank, Michael Geoghegan, who was appointed as chairman of the NAMA Advisory Group. This group has been tasked with advising the agency on its strategy.

As well as the chief financial officer, NAMA has appointed John Mulcahy as its Head of Asset Management, Ronnie Hanna as its Head of Asset Recovery and Sean Ó Faoláin as Head of Strategy and Communication.

“These changes will help ensure that NAMA is correctly positioned for the challenges ahead.  The agency has achieved an enormous amount in its short existence and we have a very busy agenda ahead of us,” Chief Executive Brendan McDonagh said in a statement.

“Our focus remains on recovering the maximum amount of money for the Irish taxpayer and we will continue to evolve and develop organisationally to respond to the challenges we face.”

NAMA has committed to repaying €7.5 billion of its debt by the end of 2013, €16.5 billion by the end of 2017 and €7 billion by end of 2019.

Read: TD calls for NAMA to release housing to domestic abuse victims

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