NTMA boss Somers to retire

National Treasury Management Agency (NTMA) CEO Michael Somers is to retire.

The Dáil Public Accounts Committee today praised the contribution to the public service of Dr Somers and wished him well on his retirement from the agency he founded.

Committee Chairman, Bernard Allen TD said it was a pity that he was departing before the establishment of NAMA - as his expertise would have been "extremely useful".

Meanwhile it has been reported that Brendan McDonagh will be the new head of NAMA - a job he has been doing on an interim basis over recent months.