Monday 20 February 2017

Selection of chairman always points to priorities

Published 21/04/2015 | 02:30

John Corrigan, former CEO of the National Treasury Managment Agency
John Corrigan, former CEO of the National Treasury Managment Agency

The selection of a company chairman is always an indication of intent. Nothing says a business is for sale like the appointment of an international banking grandee, for example.

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Davy's appointment of John Corrigan who recently retired as head of the National Treasury Management Agency (NTMA), the State's most important finance arm, probably says the opposite. Tapping the consummate Irish Government insider suggests Davy is positioning itself as an independent player at the intersection between the markets and the State's financial needs and assets. As Ireland Inc recovers it's set to be a busy junction.

It also means John Corrigan's move into the private sector so soon after leaving his highly paid, and highly sensitive, role will reignite question marks over the perception of a revolving door between the private sector and the NTMA and its affiliated agencies including the National Asset Management Agency (Nama).

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