Monday 27 February 2017

NAMA loses second board member in two months

FINANCE

Donal O'Donovan

Donal O'Donovan

THE State's toxic debt agency NAMA has lost a second director in little over two months. Former Bank of Ireland executive Michael Connolly resigned from the agency last night.

In a statement, NAMA chairman Frank Daly thanked Mr Connolly for his service on the board "during an exceptionally busy and challenging period".

Mr Connolly was in charge of NAMA's credit committee -- which oversees lending by the bad bank and signs off on any deals to roll over loans to developers. Mr Connelly stepped down just two years into a five-year term. He could not be reached for comment last night.

It is the second board level resignation from NAMA after Peter Stewart resigned in October. It is also the second board level resignation since London-based senior banker Michael Geoghegan undertook a wide ranging review of the agency.

The opportunity to fill the slots, combined with the Geoghegan review, may well provide Finance Minister Michael Noonan with a unique opportunity to put his own stamp on the agency. Appointments to the board are at the discretion of the minister.

Irish Independent

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