Business Irish

Monday 20 November 2017

Former HSBC banker running rule over NAMA strategy

Emmet Oliver

A SENIOR ex-banker from HSBC is doing a review of NAMA, looking at the agency's internal procedures, staffing and strategy, with a report expected to be with the Departent of Finance within weeks.

The Irish Independent understands the review of NAMA is being done by Michael Geoghegan, an ex-senior HSBC executive with Irish connections. However, the Department of Finance and NAMA itself declined to confirm the name of the reviewer last night.

During the election campaign Fine Gael and Labour both expressed concerns about how NAMA operates, accusing it of lacking transparency and not being quick enough to sell assets.

The review is looking at how NAMA can be made more efficient and alternative ways to help staff there manage over €30bn of assets.

Sources denied the review was aimed at introducing major changes to the agency's operations.

John Corrigan, NTMA chief executive, said yesterday NAMA was making strong progress and asset sales were happening regularly, a fact recognised by the main ratings agencies, he said.

Speaking in the Seanad yesterday, Finance Minister Michael Noonan said NAMA was operating far more efficiently than it was a few months ago. The agency has been accused of not making decisions about its own lending quickly enough.

It is understood Mr Geoghegan will prepare a report directly for Mr Noonan of the work at NAMA this week.

Irish Independent

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