The National Asset Management Agency is set to recruit a full time Chief Financial Officer as part of a reorganisation of functions at the agency.
The reorganisation involves the recruitment of a CFO, the restructuring of some existing divisions and the setting up of a number of new divisions including an asset management unit, an asset recovery unit and a strategy and communications division.
These changes follow some of the recommendations made in a report by former HSBC CEO Michael Geoghegan who reviewed NAMA last year. It is understood the agency had been contemplating a reorganisation prior to the review.
NAMA has named John Mulcahy as head of the new asset management division. This will be responsible for working with debtors, receivers and joint venture partners to identify, develop and asset manage assets where value can be added.
Ronnie Hanna has been named as head of asset recovery and this division will work with debtors and receivers to enhance the effective and efficient management of the recovery of loans.
Sean Ó Faoláin is NAMA's new head of strategy and communications, which will be responsible for the ongoing evaluation and development of the agency's strategy. The division will undertake regular formal reviews of NAMA's strategy and will also develop and implement new product initiatives.
NAMA's chief executive Brendan McDonagh said that the changes will help ensure that NAMA is correctly positioned for the challenges ahead.
''The agency has achieved an enormous amount in its short existence and we have a very busy agenda ahead of us. Our focus remains on recovering the maximum amount of money for the Irish taxpayer and we will continue to evolve and develop organisationally to respond to the challenges we face,' he added.
