Published on
Appointment of Mr Michael Geoghegan as Chair of NAMA Advisory Group and the publication of the Geoghegan Review on NAMA
Further to his Budget speech on 6
th December, in which the Minister for Finance, Michael Noonan T.D., set out his intention to establish a Group to advise him on NAMA. The Minister is happy to announce Michael Geoghegan as chairman of the NAMA Advisory Group. The Minister stated:
"Further to the announcement in my Budget speech regarding the establishment of an Advisory Group on NAMA, Mr Michael Geoghegan has agreed to Chair the Group. I welcome Mr Geoghegan’s agreement to accept the position of chairman. I am pleased he has agreed to carry out this role on a pro-bono basis and I am particularly pleased that a person of such high international standing in the business world will be advising me in relation to the future strategies of NAMA."
The Minister for Finance, Mr. Michael Noonan T.D., is also pleased to announce the publication of the review of NAMA by Mr. Geoghegan. Mr. Geoghegan’s review was carried out at the request of the NAMA Board with the agreement of the Minister.
Commenting on the publication of the review, the Minister said:
"I believe that the review is an important milestone for NAMA and will be of significant assistance to the Board as it completes the loan acquisition phase and begins to concentrate fully on the active management of its asset portfolio."
The review was carried out with the following terms of reference:
1. A high level review of how NAMA is organised functionally;
2. An assessment of the skill base at NAMA head of function level; and
3. A high level evaluation of the delegation arrangements from the Board/Committees to Management.
The Minister notes that while the Report is generally positive, it highlights some important future strategic and organisational challenges to be met by NAMA. In that regard, he will be proceeding shortly with the establishment of an Advisory Group, chaired by Mr. Geoghegan, to advise him on NAMA matters. The Minister also welcomes the intention of the NAMA Board to chart an implementation plan for addressing these challenges, which will be discussed with the Minister.