NAMA Board announced

Brendan Burgess

Brendan Burgess

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The Minister for Finance has today announced the names of the nine members of the NAMA Board. They are
Frank Daly (Chairman)
Eilish Finan - Financial Director AIG
Michael Connolly - ex Head of Credit, Bank of Ireland Group. Member of Financial Ombudsman Council
Peter Stewart - not sure who he is
Brian McEnery - an insolvency partner in [broken link removed] Willie Soffe - Dublin Transportation Office

Mr. Stephen Seelig, will be appointed to the Board in May 2010, when he retires from the IMF. In the meantime, Mr. Seelig will be available to provide advice, in a personal capacity to the NAMA Board.





I know Michael Connolly well. He was on the Consumer Panel with me and retired as Head of Lending in Bank of Ireland around 9 years ago. He was a great addition to the Consmer Panel and I reckon he will be a great addition to NAMA as well.




 
Brendan said:
I know Michael Connolly well. He was on the Consumer Panel with me and retired as Head of Lending in Bank of Ireland around 9 years ago. He was a great addition to the Consmer Panel and I reckon he will be a great addition to NAMA as well.
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As taxpayers, I'm wondering why you think he will be a great addition? Was he bearish about property and will therefore be able to cast a cold eye on the discounts being considered?
 
canicemcavoy said:
As taxpayers, I'm wondering why you think he will be a great addition? Was he bearish about property and will therefore be able to cast a cold eye on the discounts being considered?
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So only bearish people can be on the board?
 
I have my doubts about Willie Soffe I have to say. The DTO is an example of what we don't want NAMA to turn into.
 
He has a great understanding of lending and especially dealing with borrowers in trouble. He went to America with Bank of Ireland to lead(?) the sorting out of their subsidiary over there which got into trouble.

He would be an old style, conservative banker.
 
Peter Stewart is a partner in O'Donovan Stewart & Co. A good man, but a FF supporter.

Willie Soffe, a public servant, who would not have been appointed to his job if he was not at least sympathetic to current Government.

Frank Daly, a highly intelligent individual, but appointed by FF to Chairmanship of Revenue Commissioners.

So, that's at least three out of the seven listed above who are at least FF sympathetic, if not openly FF supporters. Brilliant, Huh?
 
But FF hold the majority of power - what do you expect ?

Cronyism has been rife in Ireland for many years now .
 
Slash said:
Peter Stewart is a partner in O'Donovan Stewart & Co. A good man, but a FF supporter.

Willie Soffe, a public servant, who would not have been appointed to his job if he was not at least sympathetic to current Government.

Frank Daly, a highly intelligent individual, but appointed by FF to Chairmanship of Revenue Commissioners.

So, that's at least three out of the seven listed above who are at least FF sympathetic, if not openly FF supporters. Brilliant, Huh?
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3 out of 7 support FF? That is roughly the same proportion as the general population. What are you suggesting? That only those who oppose FF should be appointed.

You describe two of the three of them as "good" or "highly intelligent". Would you prefer thicks who support FG or Labour.
 
+1 Brendan.

If the |Government had of clamped down on the property market a number of years ago through insisting proper banking practice Banks and changing the Tax law, the people in the main that are moaning now, would have moaned even louder then.

A real case of 'Damned if you do and Damned if you don't'
 
+1
There is a fashion in Ireland at the minute that no matter what is proposed or done it is cronyism or corrupt. All objectiveness is gone out the window.
 
I would have thought my point was obvious, but it seems I have to spell it out.

NAMA was set up to protect FF-supporting property developers and bankers - nobody can argue with that. With me so far?

There are nine members on the board of NAMA, the other two being the CEO of NTMA and the CEO of NAMA, both FF appointees.

So, by populating the board of NAMA with what seems to be a majority of FF sympathisers, it follows that............... (Ah, it's late, i'm sure you can work out the rest)

Frankly, Brendan, without sounding sycophantic, I'd much prefer to see a few people like you on the board of NAMA.
 
Slash, with the past events and more importantly the past criticisms from Labour and Fine Gael, did you expect the Government to appoint supporters of the policies of the Opposition ?? What happens if NAMA works out ?? will the opposition want full credit for trying to stop Ireland Inc from operating. What grows from desperation is desperate mistakes. Lest us all not forget that most other European countries are in a similar mess.
 
Someone help me out here, NAMA is all about land and property. In many cases NAMA will have to 'work with' developers to assist them to realise the future value of the assets. Where is the expertise on the board related to land values, construction, commercial property, development?

All of the loans transferred to NAMA will be part of very complex contracts. A barrister or legal professional on the board would not have been a bad idea either.
 
They should have appointed several board members from overseas who are experts in the area, but have no connections with Irish politics, property or banking. People who are able to make clinical decisions without worrying about political connections.
 
mercman said:
Lest us all not forget that most other European countries are in a similar mess.
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"Lending as a fraction of GNP increased from 60% in 1997, to over 200% in 2008, twice the level of other industrialized economies."

(from Morgan Kelly's latest paper)

Mercman, we managed to mess up more than most.​
 
canicemcavoy said:
"Lending as a fraction of GNP increased from 60% in 1997, to over 200% in 2008, twice the level of other industrialized economies."​


(from Morgan Kelly's latest paper)​

Mercman, we managed to mess up more than most.​
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Bubbles happen in every Country at one stage or another. It is one of the strange facts of economics that everyone knows about them but that doesn't prevent them happening again whether it be dot-coms, property, gold, oil etc.

Yes, we completely messed up but there is no point beating ourselves over our heads with a stick about it. Lets just try and solve the problem and learn from it.
 
In fairness to Frank Daly he pursued the Commission on Taxation work very well and without an eye to the political benefits or otherwise, to cast him as an FF crony is frankly wrong and very unfair.
Who at the top of any public agency has not been appointed by FF or their Government partners? Unless they've been in the post for ever then they're more than likely an FF appointee.
 
According to the papers Peter Stewart was proposed by the Labour Party and Brian McEnery by FG.

I know Eilish Finnan, she is an excellent choice in my view.
 
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