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A SENIOR board member of NAMA has announced that he is stepping down in four months.

John Mulcahy has been involved with the agency since it was established in December 2009, when he worked as head of portfolio management.

He was appointed to the board of the State bad bank by Minister for Finance Michael Noonan in March 2012.

Mr Mulcahy (right) is a chartered surveyor and has worked inthe property industry for more than 40 years – most recently in property investment and asset management.

His replacement has been named as Mary Birmingham, who is currently a senior asset manager in the agency and has "extensive experience" of the property industry.