Irish Life treasurer to take top role at NTMA

IRISH Life & Permanent’s group treasurer Michael Torpey is resigning to take on the job as head of banking with the National Treasury Management Agency (NTMA).

News of the top level appointment comes as the first transfers of bad loans to NAMA, which is part of the NTMA structure, draws nearer.

Speculation is mounting also about the level of discounts the banks face in a property market continuing to slump in value as the fall out from the property bubble continues to erode confidence in all aspects of the property market.