Appointments to the Board of National Asset Management Agency (NAMA)

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The Minister for Finance has today announced the names of the nine members of the NAMA Board. They are

  • Frank Daly - Chairman - who will be stepping down from his current role as a Public Interest Director at Anglo Irish Bank
  • Brendan McDonagh - who will be officially Chief Executive of NAMA
  • Eilish Finan
  • Michael Connolly
  • Peter Stewart
  • Brian McEnery
  • Willie Soffe
  • John Corrigan - Chief Executive of the NTMA
  • Stephen Seelig - who'll be appointed to the Board in May 2010, when he retires from the IMF. In the meantime, Mr. Seelig will be available to provide advice, in a personal capacity to the NAMA Board

The Minister also announced that a Planning Advisory Committee will be set up under NAMA.

Today’s appointments follow the recent commencement of the NAMA Act 2009 and the signing of the Valuation Regulations (S.I. 546 of 2009) on Monday 21 December 2009.

Notes for Editors

Functions of the Board of NAMA

(See Part 1, Chapter 2 of the NAMA Act 2009)

Section 18 sets out the functions of the Board. The functions of the Board require it to ensure that NAMA discharges its functions efficiently and effectively, to set strategic objectives for NAMA and to ensure that the appropriate systems and procedures are in place so that NAMA meets its strategic objectives. The Board must act in utmost good faith with care, skill and diligence. The section also allows the Board to delegate functions to the Officers of NAMA.

Tax Clearance Certificates - All members must submit a tax clearance certificate to the Minister within 3 months of their appointment.

Biogs

Frank Daly

  • Chairman of the Revenue Commissioners March 2002 to March 2008
  • Revenue Commissioner since 1996
  • Formerly Accountant General of Revenue and Head of Strategic and Business Planning
  • Joined Revenue in the Customs and Excise Service since 1963 and has since had wide experience of all areas of Revenue including Taxes and the International areas.
  • Member of the Top Level Appointments Committee 2003 to 2008 (body responsible for selecting top level managers in the Civil Service)
  • Chaired the Commission on Taxation 2008/2009
  • Public Interest Director of Anglo Irish Bank since December 2008

Eilish Finan

  • Independent Consultant and Director in various Financial Services Industry sectors
  • Former CFO of AIG Global Investments
  • Qualified Accountant and Electronic Engineer
  • Fellow of the Institute of Chartered Accountants in Ireland

Michael Connolly

  • Former member of Bank of Ireland senior management team
  • Member of Financial Services Ombudsman Council
  • Managing Director of Connolly management services – banking consultancy
  • Extensive banking experience through all echelons of a large internationally diversified bank
  • Advisory roles with ACC Bank, Anglo Irish Bank and Bank of Ireland

Peter Stewart

  • Managing Director of O'Donovan Stewart & Company – firm of chartered accountants
  • Fellow of the Institute of Chartered Accountants in Ireland
  • Member of the Irish Association of Corporate Treasurers
  • Extensive Director and Supervisory experience
  • Experience of property fund structuring management and financing
  • Financial consultant
  • Public auditor, and internal auditor (with international experience)
  • Director of a broad range of companies including a bank and an investment intermediary company regulated by the Central Bank of Ireland.

Brian McEnery

  • Senior Partner in Horwath Bastow Charleton specialising in corporate finance and Corporate Recovery
  • Fellow of the Association of Chartered Certified Accountants
  • Extensive experience in dealing with the Corporate Enforcement and ODCE aspects of insolvency cases.
  • National adviser to the INHO (Irish Nursing Home Organisation)
  • Has held a number of directorships including semi-state companies.
  • 2008/09 President of ACCA Ireland.
  • Member of the ACCA’s global governing Council (responsible for ACCA strategy)
  • Member of the Insolvency Committee of the CCAB-I (Consultative Committee of Accounting Bodies – Ireland)
  • Member of the London Court of International Arbitration.

Willie Soffe

  • Chairman, Dublin Transportation Office
  • Former County Manager of Fingal County Council
  • Member of the Commission on Taxation 2008/9

Stephen Seelig

· Mission chief for joint IMF-World Bank FSAP-Updates for Estonia and Georgia.
1 Article IV surveillance on Estonia, Germany, and Ireland.
2 Advisor in the Monetary and Capital Markets Dept. of the IMF Lead responsibility for financial sector restructuring in Uruguay during their banking crisis and Fund program.

3 Responsible for financial sector technical assistance to Indonesia and Georgia.

  • Director of Division of Liquidation (currently Resolution and Receiverships) in Federal Deposit Insurance Corp. (FDIC) - dealing with insolvent banks and the disposition of their assets.
  • Chief Financial Officer and Director of FDIC, Division of Finance
  • Senior Economist and Deputy Director of FDIC, Division of Research and Statistics.
  • Ph.D. (Economics), Clark University; M.A. (Economics), Washington University; B.A. (Honours in Economics)
 
Last edited:


He3

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17,077
So is the MinFin out of hospital then or is this announced by Blackberry?

Who will be on the Board of the SPV?

This bit is amusing -

Tax Clearance Certificates - All members must submit a tax clearance certificate to the Minister within 3 months of their appointment.
 

meriwether

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Have the professional advisors been officially announced yet?

I know they've been appointed, and who got what, but is it in the official domain yet?
 

Disabled student

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The Minister for Finance has today announced the names of the nine members of the NAMA Board. They are

  • Frank Daly (Chairman)
  • Eilish Finan
  • Michael Connolly
  • Peter Stewart
  • Brian McEnery
  • Willie Soffe

The Chief Executive of the NTMA, Mr John Corrigan and the Chief Executive of NAMA will be ex-officio members of the Board.

The Chairman, Mr. Frank Daly will be stepping down from his current role as a Public Interest Director at Anglo Irish Bank.

Mr. Stephen Seelig, will be appointed to the Board in May 2010, when he retires from the IMF. In the meantime, Mr. Seelig will be available to provide advice, in a personal capacity to the NAMA Board.

The Minister also announced that a Planning Advisory Committee will be set up under NAMA.

Today’s appointments follow the recent commencement of the NAMA Act 2009 and the signing of the Valuation Regulations (S.I. 546 of 2009) on Monday 21 December 2009.

Notes for Editors

Functions of the Board of NAMA

(See Part 1, Chapter 2 of the NAMA Act 2009)

Section 18 sets out the functions of the Board. The functions of the Board require it to ensure that NAMA discharges its functions efficiently and effectively, to set strategic objectives for NAMA and to ensure that the appropriate systems and procedures are in place so that NAMA meets its strategic objectives. The Board must act in utmost good faith with care, skill and diligence. The section also allows the Board to delegate functions to the Officers of NAMA.

Tax Clearance Certificates - All members must submit a tax clearance certificate to the Minister within 3 months of their appointment.

Biogs

Frank Daly

  • Chairman of the Revenue Commissioners March 2002 to March 2008
  • Revenue Commissioner since 1996
  • Formerly Accountant General of Revenue and Head of Strategic and Business Planning
  • Joined Revenue in the Customs and Excise Service since 1963 and has since had wide experience of all areas of Revenue including Taxes and the International areas.
  • Member of the Top Level Appointments Committee 2003 to 2008 (body responsible for selecting top level managers in the Civil Service)
  • Chaired the Commission on Taxation 2008/2009
  • Public Interest Director of Anglo Irish Bank since December 2008

Eilish Finan

  • Independent Consultant and Director in various Financial Services Industry sectors
  • Former CFO of AIG Global Investments
  • Qualified Accountant and Electronic Engineer
  • Fellow of the Institute of Chartered Accountants in Ireland

Michael Connolly

  • Former member of Bank of Ireland senior management team
  • Member of Financial Services Ombudsman Council
  • Managing Director of Connolly management services – banking consultancy
  • Extensive banking experience through all echelons of a large internationally diversified bank
  • Advisory roles with ACC Bank, Anglo Irish Bank and Bank of Ireland

Peter Stewart

  • Managing Director of O'Donovan Stewart & Company – firm of chartered accountants
  • Fellow of the Institute of Chartered Accountants in Ireland
  • Member of the Irish Association of Corporate Treasurers
  • Extensive Director and Supervisory experience
  • Experience of property fund structuring management and financing
  • Financial consultant
  • Public auditor, and internal auditor (with international experience)
  • Director of a broad range of companies including a bank and an investment intermediary company regulated by the Central Bank of Ireland.

Brian McEnery

  • Senior Partner in Horwath Bastow Charleton specialising in corporate finance and Corporate Recovery
  • Fellow of the Association of Chartered Certified Accountants
  • Extensive experience in dealing with the Corporate Enforcement and ODCE aspects of insolvency cases.
  • National adviser to the INHO (Irish Nursing Home Organisation)
  • Has held a number of directorships including semi-state companies.
  • 2008/09 President of ACCA Ireland.
  • Member of the ACCA’s global governing Council (responsible for ACCA strategy)
  • Member of the Insolvency Committee of the CCAB-I (Consultative Committee of Accounting Bodies – Ireland)
  • Member of the London Court of International Arbitration.

Willie Soffe

  • Chairman, Dublin Transportation Office
  • Former County Manager of Fingal County Council
  • Member of the Commission on Taxation 2008/9

Stephen Seelig

· Mission chief for joint IMF-World Bank FSAP-Updates for Estonia and Georgia.
1 Article IV surveillance on Estonia, Germany, and Ireland.
2 Advisor in the Monetary and Capital Markets Dept. of the IMF Lead responsibility for financial sector restructuring in Uruguay during their banking crisis and Fund program.

3 Responsible for financial sector technical assistance to Indonesia and Georgia.

  • Director of Division of Liquidation (currently Resolution and Receiverships) in Federal Deposit Insurance Corp. (FDIC) - dealing with insolvent banks and the disposition of their assets.
  • Chief Financial Officer and Director of FDIC, Division of Finance
  • Senior Economist and Deputy Director of FDIC, Division of Research and Statistics.
  • Ph.D. (Economics), Clark University; M.A. (Economics), Washington University; B.A. (Honours in Economics)
Well i am wondering what's the main function of the NAMA board and would they publish it re their minutes as it's our taxpayer's money?

Define what's their role and function of SCAMA board director's? Do they have a say in SPV's? (Special Purpose Vehicle)

Will they submit to Auditor general re their accounts?
 

Harmonica

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Not sure if there was a queue to join NAMA board as seems like a poisoned chalice.

Lots of accountants on the board. I suppose its better than outright bankers.

It is good that Daly is stepping down from Anglo as would be clear conflict of interest. Debatable if still a conflict of interest...
 

cyberianpan

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Stephen Seelig is a pretty heavyweight appointment- both in practice & academia he is well respected on the matter of "bad banks"

It is good to see a global bruiser like him on the board

Also in general it is to be welcomed that the board members are genuine experts - not politicians/social partners/ex attorney's general/social partners/normal cadre of fools who foul up semi-state boards. Indeed the board would compare well to private sector boards.

cYp
 
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I can only see eight members in this press release. Bit tough following it as it's VERY badly written. Trying to reformat my OP presently.
 

Conor

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I can only see eight members in this press release.
Wouldn't the chief executive of the NTMA and the chief executive of NAMA be two separate people?
 
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So the chief executive of NAMA isn't named yet?

It's on the same line as John Corrigan so suggests it's the same person.

So where the Minister for Finance has announced the names of the nine members of NAMA, he's only named eight?
 

YoungLiberal

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Have the professional advisors been officially announced yet?

I know they've been appointed, and who got what, but is it in the official domain yet?
I've heard the Managing partner of the law firm on NAMA announce it (semi-) Publically, so I'd imagine it is.
 

Cassandra Syndrome

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Libero

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Am I the only one to look at these points and think that they should disqualify Mr Connolly from consideration?

Former member of Bank of Ireland senior management team
Member of Financial Services Ombudsman Council
Managing Director of Connolly management services – banking consultancy
Extensive banking experience through all echelons of a large internationally diversified bank
Advisory roles with ACC Bank, Anglo Irish Bank and Bank of Ireland

Incidentally, the registered office of Connolly Management Services Limited appears to be the house of Mr and Mrs Connolly in Rathfarnham. And during the same period that company was registered there, so was a company called "Quality Childcare Buildings Limited". Insert your own joke here.

And up until its dissolution in 1990 (when Mr Connolly may not have been at all involved), the same address was home to a company called "Fianna Security Services Limited". Too... many... jokes.

Cyberianpan said:
Also in general it is to be welcomed that the board members are genuine experts - not politicians/social partners/ex attorney's general/social partners/normal cadre of fools who foul up semi-state boards.
Well, at least one of the new board members already boasts of having held “a number of directorships including semi-state companies”.

And as for them being “genuine experts”, which directorships and past experience strike you as justifying that high praise? The Dublin Transportation Office? Manager of boomtime Fingal County Council?

It would be wonderful if Brian McEnery turned out to be this character, who stood in a Cork byelection for the Natural Law Party: http://electionsireland.org/candidate.cfm?id=4211
 

Cassandra Syndrome

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Why didn't they invite David McWilliams or Shane Ross? If they are such an honourable organisation wouldn't this stop them from throwing stones.
 

Cassandra Syndrome

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Anyone know what fees these board members will receive?
Seeing that NAMA is going to make a wonderful profit for the Nation, it is commission only no basic salary basis on all property sold at or above the LTEV level.
 


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