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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.
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And dump its financial crap on the taxpayer. But oh no we couldnt have mortgage write downs for regular home owners. The cost of this alone would probably give back financial control to thousands of people who made much less investment error than the so called professionals.
Exactly ! How much will this buy out cost us this time ?
Hopefully they now reduce their SVR by 1.5-2% so that I can spend some of my hard earned cash on myself and family
Hopefully the PTSB will now lower their disgraceful SVR to the same amount as the other state owned bank AIB.. this bank has got some amount of help from the government its the least they could do for us…
It’s a nice thought, but in reality PTSB don’t give a flying f€ck about the mortgage customers being screwed on their SVR and neither do the government.
I’d love to be proven wrong on this but I won’t be holding my breath and I say that as one of those customers.
So will the Government do the same for me? Take my debts, leave me with my assets and money and I can live happy ever after?
How worst off could we be if we just left these banks which are no different than any business, go under?
Move the trackers to IBRC or the “formerly known as Anglo” bank .. The same bank FG said they’d disband if we voted them in. Will they reduce the SVR now as it was kept high to pay for the costly trackers. Will it be trackers which are 0.5% -1% above ECB rate and still performing or just those in arrears? Either way the taxpayer is straddled with the burden while the bank can massage its books to look profitable.
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