IL&P's Torpey to quit and take up top post at NTMA
IRISH Life & Permanent's group treasurer Michael Torpey is set to quit after only eight months in the job to take up a position as head of banking with the National Treasury Management Agency (NTMA).
The move casts him in the role of architect-in-chief of the future shape of the Irish banking sector, after Finance Minister Brian Lenihan handed over a raft of key responsibilities in the banking area to the NTMA last month.
Most importantly, the agency has been left in charge of leading discussions with State-guaranteed banks and building societies on their capital needs, as well as overseeing restructuring within the sector.
The Government's €3.5bn investments in both Allied Irish Banks and Bank of Ireland are controlled by NTMA unit, the National Pension Reserve Fund.
Mr Torpey joined IL&P last July, having been finance director at Ulster Bank between 2000 and 2008.
He subsequently worked for a brief period before joining IL&P as a consultant, where work included a stint reviewing the finance function of the Health Service Executive and working as senior treasury analyst with the Financial Regulator.
Between 1992 and 2000, the executive was group treasurer with what was originally Irish Permanent, which went on to merger with Irish Life in 1999 to form IL&P.
He also previously worked with Riada Stockbrokers (later acquired by Dutch bank ABN Amro), Allied Irish Investment Bank and the Department of Finance.
Kevin Murphy, chief executive of IL&P, said Mr Torpey "made an important contribution to the group since he rejoined us last year and we're disappointed to see him leave."
He added: "However we fully appreciate the significance of the role which he has been offered in the NTMA, which testifies to his experience and skills.
"We wish him every success in this very important position in the years ahead."
Mr Murphy said he would appoint a successor to Mr Torpey in the coming weeks.
IL&P was initially forced to launch a search for a group treasurer 13 months ago, after the then incumbent David Gantly resigned in the wake of the controversy over the group's €7.45bn of deposits with Anglo Irish Bank in September 2008.
The saga also claimed the scalps of then finance director Peter Fitzpatrick and chief executive Denis Casey.