Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

A review of NAMA was carried out by Mr. Michael Geoghegan in 2011 at the request of the NAMA Board and with my agreement. In his report he made a number of proposals to the Board of NAMA including the appointment of a Chief Financial Officer (CFO). These proposals were considered by the Board and, on 15th February 2012, NAMA announced a reorganisation of functions, the establishment of new divisions and a number of linked senior executive appointments which included the appointment of a CFO. I am advised by NAMA that, to date, the role of the NAMA CFO has, in effect been carried out by NTMA's Director of Finance, Technology and Risk, through arrangement under section 41 NAMA Act, 2009 whereby the NTMA provides certain business and support services, including financial reporting services to NAMA. However, the heavy workload associated with the Director's other NTMA responsibilities means that it has become necessary to split the functions.

I am advised that the changes in structure and responsibility at a senior level in the Agency including the appointment of a CFO will ensure that NAMA is correctly positioned for the challenges ahead and that it will enable NAMA to focus its full attention on the management of its portfolio of assets and on maximising recovery of funds for the taxpayer.