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News : Irish Last Updated: Nov 3, 2009 - 9:32:07 AM

Lenihan seeking applications from “suitably qualified people” for appointments to the board of State "bad bank" NAMA
By Finfacts Team
Nov 3, 2009 - 4:27:39 AM

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Dr. Michael Somers, MD of the State debt manager, the National Treasury Management Agency (NTMA), will have responsibility for the ""bad bank" the National Asset Management Agency (NAMA).

The Minister for Finance Brian Lenihan is seeking applications from “suitably qualified people” for appointment to the board of the State "bad bank," the National Asset Management Agency (NAMA).

In an advertisement published in the newspapers today, the Department of Finance says it anticipates that NAMA board will comprise nine members, seven of whom will be appointed by the Minister. The chief executives of NAMA and the National Treasury Management Agency (NTMA), the State debt management body, will be “ex-officio members” of the board.

The advertisement says individuals “must not have any conflicts of interest likely to interfere with his/her ability to play a full part on the board”.

It says the Government is seeking to appoint individuals to the board who have “expertise and experience at a senior level” in one or more of 14 listed areas, including construction and land development, banking and investment, finance and economics, credit management, and insolvency and restructuring. Other skills sought are “project finance”, “urban and land planning”, “valuation”, and “social housing and community development”.

According to the Department of Finance, it has already received representations from individuals interested in a board position.

“In that context, a follow-up expression of interest is not required. The Minister may appoint members from outside the expressions of interest received in response to this advertisement,”the department said.

Applicants have until Wednesday, November 11th, to submit expressions of interest.

The department says interested parties should examine the relevant provision of the NAMA Bill in detail before making submissions.

NAMA is to take control of toxic property loans with a nominal value of €77bn and following passage of the Bill, loan transfers from the banks will begin in early 2010.

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