Following a review by the Board of the National Asset Management Agency [NAMA], Brendan McDonagh, Chief Executive of the Agency, has announced details of a reorganisation of functions and a number of linked senior executive appointments at the Agency. 

Mr. McDonagh said; “these changes will help ensure that NAMA is correctly positioned for the challenges ahead.  The agency has achieved an enormous amount in its short existence and we have a very busy agenda ahead of us.  Our focus remains on recovering the maximum amount of money for the Irish taxpayer and we will continue to evolve and develop organisationally to respond to the challenges we face.”  

There will be 5 direct reports now to the Chief Executive. The reorganisation includes the recruitment of a full time Chief Financial Officer, the restructuring of some existing divisions, and the establishment of a number of new divisions including the following:

• Asset Management
• Asset Recovery
• Strategy and Communications

There will continue to be a separate Legal division headed up by Aideen O’Reilly. 

The reorganisation will see the following appointments/new responsibilities: 

Chief Financial officer – To be recruited.

In the coming week the Agency will begin a public recruitment process for the position of CFO.  Areas of responsibility will include existing business functions such as Finance and Business Services, Treasury and Tax as well as Audit & Risk.  

Head of Asset Management – John Mulcahy

This division will be responsible for working with debtors, receivers and joint venture partners to identify and develop and asset manage assets where value can be added so as to enhance future cashflow.  

Head of Asset Recovery – Ronnie Hanna

The division will work with debtors and Receivers to enhance the effective and efficient management of loan recoveries.  It will be formed from the merger of the existing divisions of Portfolio Management, Credit and Lending & Corporate Finance.  

Head of Strategy and Communications – Sean Ó Faoláin  

This division will be responsible for the ongoing evaluation and development of NAMA Strategy to ensure continued focus on the best achievable outcome for the Agency and taxpayer.  This division will undertake regular formal reviews of NAMA’s strategy and will also develop and implement new product initiatives.   The division will also have overall responsibility for the agency’s Communications Strategy.

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