Appointment of group to advise Minister of Finance on NAMA and appointment to Board of NAMA
Further to his announcement of the appointment of Mr. Michael Geoghegan as Chairman of the NAMA Advisory Group on 8th December, 2011, the Minister for Finance is pleased to announce today (7th March 2012) the members of and the terms and reference of the group.
The Minister stated:
“Further to the announcement in my Budget speech regarding the establishment of a group to advise me on NAMA, and the appointment of Mr. Michael Geoghegan as Chairman of this group, I am today appointing Mr. Denis Rooney and Mr. Frank Daly as members of the group. The group’s advice to me will primarily relate to the strategy of NAMA as proposed by the board of NAMA; the appointment of directors to NAMA; the remuneration of the senior executives of NAMA and any further advice that I may seek on any matter relating to NAMA. I am pleased that all these individuals have agreed to provide this advice to me on a pro-bono basis.”
The Minister for Finance, Mr. Michael Noonan T.D., is also pleased to announce the appointment of Mr. John Mulcahy to the Board of NAMA. Commenting on the appointment the Minister said:
“I believe that Mr. Mulcahy has significant property management skills which will make him an asset to the Board of NAMA as it concentrates fully on the active management of its asset portfolio.”
Notes to editors
Terms of Reference of Group
Provide advice to the Minister on
The strategy of NAMA as proposed by the board of NAMA
The appointment of directors to NAMA
The remuneration of the senior executives of NAMA
Any further advice the Minister may seek the Group to provide
The advisory group will not have decision making powers under the Act.
Mr. Michael Geoghegan CBE
Michael Geoghegan CBE was born 4th Oct 1953 and was educated in Ireland and UK
Michael worked for HSBC, the world's largest international bank, for nearly four decades, living in 12 different countries, across four continents, culminating in he becoming the Group Chief Executive of HSBC Holdings Plc in May 2006
Since retiring in March 2011 Michael has been advising governments, international companies and family offices, whilst overseeing the Madrinha Trust that he and his wife, Jania established to assist disadvantaged young people across the world.
Dr. Denis Rooney CBE
Denis is a senior business leader with over 40 years experience in private and public sector organisations. He recently stepped down from his role in chairing the International Fund for Ireland [IFI]. He is a director of Dublin based To Be Training and Development Ltd.
He qualified as a chartered quantity surveyor and set up the surveying and project management practice DRA in 1984 which was acquired in 2003. Denis has held a number of key appointments such as Chief Executive of White Young Green Ireland, Chairman of the Institute of Directors [IOD] Northern Ireland and Chairman of the Royal Institution of Chartered Surveyors [RICS] Northern Ireland. He chairs the charitable trust which is currently restoring the SS Nomadic, the tender built by Harland and Wolff in 1911 which ferried the passengers to the Titanic on its ill fated voyage.
He has a particular interest in the Northern Ireland economy, is a board member of Strategic Investment Board [SIB] for Northern Ireland and is a former member of the Bank of England Advisory Committee for Northern Ireland.
Mr. Frank Daly
Frank Daly was born in Abbeyside, County Waterford, and educated at Dungarvan C.B.S.; University College, Dublin; and the Dublin Institute of Technology. He holds a BComm Degree and a Diploma in European Community Law. In 2010, he was awarded an Honorary Doctorate of Laws by the University of Limerick in recognition of his distinguished public service.
From 2002 to 2008, he was Chairman of the Revenue Commissioners. Having joined the Revenue in 1963, he has been a Commissioner since 1996 and Accountant General of Revenue and Head of Strategic and Business Planning since 1993.
Previous to the NAMA appointment, he served as Public Interest Director of the Anglo Irish Bank under the Banks Guarantee Scheme and Chairman of the Commission on Taxation, which was established to review the structure and efficiency of the Irish Taxation System.
Frank Daly was appointed Chairman of the National Asset Management Agency (NAMA) by Ireland’s Minister of Finance in December 2009. He also currently chairs the NAMA Northern Ireland Advisory Committee
John Mulcahy has worked at Jones Lang LaSalle since 1970 and was its Chairman until his secondment to NAMA as Head of Portfolio Management. He was recently appointed to the Asset Management Division in NAMA. This division will be responsible for working with debtors, receivers and joint venture partners to identify and develop and asset manage assets where value can be added so as to enhance future cash flow. This division will be responsible for working with debtors, receivers and joint venture partners to identify and develop and asset manage assets where value can be added so as to enhance future cash flow. Mr. Mulcahy is a chartered surveyor and has worked in all aspects of the property industry for over 40 years, most recently concentrating on property investment and asset management.