Minister for Finance Brian Lenihan has appointed Brendan McDonagh as interim managing director of the National Asset Management Agency (Nama).
Mr Lenihan announced this evening that the Government had approved the appointment.
"Preparatory work for the establishment and operation of Nama on a statutory basis is underway. By appointing Mr McDonagh to this position the Government is ensuring the implementation process will be driven forward in the interim period pending legislation,” Mr Lenihan said.
He added that Mr McDonagh would be assisted by a high-level advisory committee to be named shortly.
Mr McDonagh is currently director of finance, technology and risk at the National Treasury Management Agency and has played a central role in the development of the Government's policy response to the banking crises and in helping to frame the Nama proposal, the Minister said.
He has held his current position since 2002 and was previously financial controller at the NTMA.
He joined the NTMA in 1994, having worked for a number of years with the ESB in a number of areas including accounting, internal audit and treasury. HE worked on secondment from the ESB to the NTMA in its initial years.
Originally from Killorglin, Co Kerry, Mr McDonagh (41) holds a degree in business management from Trinity College, Dublin and is also a chartered management accountant.