Making NTMA act beyond mandate was unforgivable
Published 15/01/2011 | 05:00
THE National Treasury Management Agency was once seen as one of the State's most successful innovations.
Delegations came from far and wide to learn how the agency had cut the cost of borrowing -- by moving away from a civil servant mentality to an unusual hybrid that resembled something between a central bank and a merchant bank.
It was a great achievement and much of the credit belongs to Michael Somers, the sometimes spiky and sometimes avuncular chief executive who ran the organisation from its foundation until last year.