Somers set to retire from NTMA

The state agency which manages the country's burgeoning national debt and which will supervise NAMA, is to get a new boss within weeks.

RTÉ News has learned that Michael Somers, the chief executive of the National Treasury Management Agency, is to retire within the next few weeks.

In another key development, Brendan McDonagh is to be named as head of the National Asset Management Agency.

Running the National Treasury Management Agency, which oversees Ireland growing debt, is one of the most important jobs in the country.

Michael Somers was asked to set up the agency in 1990 and his retirement is expected to be announced early next month after 19 years as chief executive.

Dr Somers, whose salary has never been disclosed, is credited with doing a good job of managing Ireland's debt. But his comments in May on difficulties facing NAMA flew in the face of the Government's endorsement of the bank rescue plan.

He said the NTMA had no experience at bank restructuring and was not adequately staffed to deal with such matters.

He is expected to be replaced by John Corrigan who is currently director of the National Pensions Reserve Fund.

The announcement will also confirm that Brendan McDonagh will be the new head of NAMA, a job he has been doing on an interim basis over recent months.

Both Mr McDonagh and Mr Corrigan, if he gets the position, will join the board of NAMA.

'Efficient and straight talking public official'

Meanwhile, the Dáil Public Accounts Committee has praised Dr Somers' contribution to the public service and wished him well on his retirement.

Committee Chairman, Bernard Allen said that during his dealings with the committee, he showed himself to be an 'efficient and straight talking public official who was not afraid to offer independent assessments of situations and tell it as he saw it'.

'In some ways it is a pity that he is departing now as his expertise and steady hand would have been extremely useful during the upcoming period,' he added.

Fine Gael's Finance spokesman Richard Bruton also wished Dr Somers well on his retirement. He said Mr Somers 'was a courageous and effective public official and in the course of his service saved substantial money for the taxpayer'.

Mr Bruton added that Mr Somers 'was not afraid of controversy'.

'At a time when few official voices were willing to comment on the obvious risks involved in setting up NAMA', he said. He added that Mr Somers made a significant contribution to opening up public debate.