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‘Bad bank’ is recruiting two new board members for a five-year term

The Minister for Finance is to appoint two new board members to Ireland’s so-called “bad bank” for a term of five years. Photograph: Alan Betson / The Irish Times

The Minister for Finance is to appoint two new board members to Ireland’s so-called “bad bank” for a term of five years. Photograph: Alan Betson / The Irish Times

 

It might be in wind-down with a target end date of 2020 or so, but the National Asset Management Agency (Nama) is looking to recruit two new board members. The move comes as Nama steps up its role managing the State’s new housebuilding fund.

According to an announcement on Statejobs.ie, the Minister for Finance is to appoint two new board members to Ireland’s so-called “bad bank” for a term of five years, in a role that the application says involves “significant demands” on applicants’ time.

Interested candidates must confirm that they do not “have any conflicts of interest or legal impediment” before applying, which means that professionals who held senior positions which had a direct connection with Nama may not be eligible.

Under the Nama Act, the board should consist of nine members, but currently only has seven, resulting in two vacancies. Moreover the term of a number of board members is also due to expire this year including Brian McEnery, first appointed in 2009, and reappointed in 2013; Oliver Ellingham, appointed in 2013; and Willie Soffe, first appointed in 2009, and reappointed in 2013. This means that “other vacancies that arise in the coming year may be filled from this campaign” Nama said.

Non-executive board members of Nama are paid €50,000 a year, with a further €25,000 payable to the chair of the credit committee, and an additional fee of €10,000 to the chair of one or more of the remaining committees, including audit and remuneration.

Interested candidates should have extensive senior management experience in a large commercial organisation, public sector organisation or professional services firm, as well as demonstrable business expertise across areas like finance and economics, construction and credit management.

Formed in 2009, Nama has a remit of winding down its formerly very significant loan book down to zero as soon as is commercially practicable. The agency is on track to deliver a surplus of €3 billion to the Exchequer by 2020, and currently has about 250 employees, down from more than 350. It is also currently engaged in providing development funding for the construction of residential property, while it is also expected to provide outsourced services to the Government’s planned Home Building Finance Ireland (HBFI), which aims to provide loans for residential developments to non-NAMA developers.

The closing date is February 8th at 3pm.