‘No conflict of interest’ in Nama appointment

Finance Minister Michael Noonan has stated that no conflict of interest arises from former Nama executive John Mulcahy joining the board of Irish property pension fund IPUT.

Mr Mulcahy is the former head of asset management in Nama and is to join IPUT (the largest growing property pension fund in Ireland) next month.

In a written Dáil response to Stephen Donnelly (Ind), Mr Noonan stated that Mr Mulcahy “has assured my officials that he is fully aware of and remains bound by the ethical obligations arising from his position with Nama as well as his own high professional standards”.

The minister stated: “There is no conflict of interest arising.”

Mr Noonan said Mr Mulcahy will have voluntarily remained out of the market for six months by the time he joins the board of IPUT.

The finance minister said that he would like to thank Mr Mulcahy for his work at Nama and wished him well in his new role.

The chartered surveyor and former CEO of Jones Lang LaSalle’s Irish business joined Nama in 2009.

Mr Noonan states the National Treasury Management Agency (NTMA) that oversees Nama has adopted recommendations made by Matheson that longer notice periods of three to six months to be introduced for middle and senior NTMA management employees and garden leave provisions to be included in all NTMA employment contracts.