Noonan appoints two new members to board of NAMA Advisory Group

Two new members have been appointed to the board of the key strategy devising National Asset Management Agency Advisory Group by the Minister for Finance, Michael Noonan.

Denis Rooney and Frank Daly, were appointed to the NAMA Advisory Group yesterday.

Mr Noonan said “I am today appointing Denis Rooney and 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 announcement of the appointment came in the aftermath of an interview by NAMA chief executive Brendan McDonagh. Mr McDonagh told the Financial Times that NAMA was planning on providing credit to borrowers to buy distressed loans from the government agency.

“There is a lot of interest in our portfolio, but also a lot of difficulties getting finance at the moment. Most buyers can’t borrow at a margin of less than 4.5%, even on a good asset. Our cost of capital is lower, so if we offer the finance at a minimum margin of 2.5% and a 70% loan to value, then we are all right. We don’t want to be a bank, but we do want to facilitate interest.”

Dr Rooney and Mr Daly will be advising the minister on whether or not to advance loans to borrowers, as well as other matters in the day to day running of the agency.

Mr Daly has been heavily involved in the attempts to resolve the Irish banking crisis. 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 taxation system.

Dr Denis Rooney CBE, is a senior business leader with over 40 years experience in private and public sector organisations. He has particular expertise in the North. He is a board member of Strategic Investment Board for Northern Ireland and is a former member of the Bank of England Advisory Committee for Northern Ireland.