Lenihan names interim NAMA chief

Finance Minister Brian Lenihan has appointed an interim managing director to oversee the state body being set up to purchase toxic debts from Irish banks.

The job will go to Brendan McDonagh, the current director of finance at the National Treasury Management Agency.

The 41-year-old Kerryman played a pivotal role in formulating the Government's response to the banking crisis.

His new role will require him to oversee the National Assets Management Agency as it buys up bad debts from Irish banks in an effort to free up credit in the banking system.

The workings of the agency are due to be examined by the Oireachtas Finance Committee later today.

The committee will hear from UCD professor Karl Whelan, who has argued that the Irish taxpayer may end up paying too much for the bank's assets.