Banking consultant Michael Connolly has resigned as a director of the National Asset Management Agency.
Mr Connolly was also the chairman of NAMA's credit committee, for which he received an annual fee of €150,000.
The fee for other directors of NAMA is €50,000 plus an additional €10,000 if they chair a committee.
Mr Connolly’s higher remuneration was a recognition of the much heavier workload involved in chairing the credit committee, which the Minster for Finance said would entail a time commitment of at least four days a week.
The credit committee is a key part of NAMA, and makes decision on loans to property developers.
Mr Connolly is the second director of NAMA to have resigned. Two months ago Peter Steward, a Northern Ireland accountant, also resigned from the agency.
Changes at the agency were anticipated following an unpublished report on its first two years of operations by former HSBC banker Michael Geoghgan.
The two resignations present the new government with the first opportunity to make its own appointments to the board of NAMA.
Michael Connolly spent much of his career at Bank of Ireland, and is regarded as a specialist in distressed loans.
