Somers ‘to retire’ from NTMA next month

MICHAEL Somers is expected to announce his retirement as chief executive of the National Treasury Management Agency (NTMA) early next month, when the body’s advisory board meets next month.

The NTMA manages the national debt and the nation’s borrowing funds and will also manage NAMA. Mr Somers has been eyeing retirement for a number of months. He has headed the body since 1990.

Although the NTMA refused to comment yesterday, it is thought that a change of leadership will occur next month and National Pensions Reserve Fund director John Corrigan is being tipped as Mr Somers’s replacement.