Five take up posts on board of financial advice body

Five people have been appointed to the board of the National Development Finance Agency (NDFA), the body established late year to provide financial advice to the Government on public investment projects.

The appointments, which have been made under the direct authority of the Minister for Finance, Mr McCreevy, provide for a mix of public and private-sector experience.

As prescribed in the agency's founding legislation, its board will be chaired by National Treasury Management Agency (NTMA) chief executive, Mr Michael Somers.

The NDFA will operate under the aegis of the NTMA.

Joining Mr Somers from the NTMA will be Mr Jim Farrell, who has been closely involved with the new agency since its launch in November and has significant experience in both funding and debt management.

Ms Ann Fitzgerald joins with a background in the Irish Association of Investment Managers, where she has held the position of secretary general since 1989. She has previously held directorships with a number of public bodies, including VHI and IFI.

Fellow appointee Mr Anthony Jones is a former senior executive within Enterprise Ireland, IDA Ireland and Forbairt. Since 2002, he has been working as a business consultant specialising on the SME sector and regional development.

The final director is Mr Peter McManamon, executive vice- president of Dublin-based technology firm, Parthus.

Mr McManamon, a certified public accountant, co-founded Parthus, which issued a profit warning earlier this week, in 1993. He previously worked as a management consultant and as finance director for a number of companies.

Mr McCreevy welcomed the board's appointment. He described the NDFA as "an important part of this Government's resolve to address the country's infrastructural deficit".

The NDFA will advise State authorities on the optimal means of financing major public-investment projects and will be able to advance capital in respect of these projects.

It will also be in a position to form companies for the purpose of securing finance for public-investment projects. Among the board's first tasks will be the selection of a chief executive. The Department of Finance said yesterday that a suitable candidate will be appointed "in the very near future".