THE GOVERNMENT has named the seven appointed members of the board of the National Asset Management Agency (Nama), including former Revenue Commissioners chief Frank Daly as its chairman.
The six other nominated board members are financial consultant Eilish Finan, former banker Michael Connolly, accountant Peter Stewart, insolvency specialist Brian McEnery, former county council manager Willie Soffe and Steven Seelig, an adviser at the International Monetary Fund (IMF) in Washington DC, who will join the board next May.
Brendan McDonagh was also confirmed as chief executive of Nama, a position he has held in an interim capacity since May.
Mr McDonagh and the chief executive of the National Treasury Management Agency, John Corrigan, make up the two remaining positions of the nine-strong Nama board as ex-officio (by virtue of holding another office) members.
The members represented “a very strong board” with “a heavy skills matrix”, said Minister for Finance Brian Lenihan. Roughly half the board had applied for the jobs, while the other half were approached, the Department of Finance said. More than 800 applications were received.
The salaries of board members are still subject to discussions.
Mr Lenihan said he had consulted with Opposition parties on the appointments. He had contemplated seeking a chairman for Nama outside the State, but felt it was “very important” to have a chairman who has “a comprehensive knowledge of Ireland and Irish affairs”.
“I could find no one better than a former chairman of the Revenue Commissioners,” he said.
Mr Daly has stepped down as a Government-appointed director of State-owned Anglo Irish Bank, a role he has held for the past year.
Mr Seelig, a “bad bank” expert, will join the board when he retires from the IMF but he will advise it in the interim period.
The first loans, linked to the top 10 developers who owe €16 billion, would move to Nama in early February, a department official said.
Nama will buy development and related loans of €77 billion from five lenders for €54 billion. The banks should be able to determine any capital requirements arising from the losses on the larger loans moving to Nama in the first quarter of 2010, the official said.
Mr Lenihan said Nama would set up a planning advisory committee and a Northern Ireland committee, following talks with the North’s Minister for Finance Sammy Wilson, who had concerns about the effect of Nama on the local property market.