NAMA completes transfer of first tranche of Anglo Irish loans and makes senior executive appointments

10 May 2010 – The National Asset Management Agency (NAMA) has completed the transfer of the first tranche of loans from Anglo Irish Bank at a discount of 55%. In summary, loans with an aggregate nominal value of €15.3 billion have been transferred to date from five institutions – AIB, Bank of Ireland, Anglo Irish Bank, Irish Nationwide and EBS. The consideration paid was €7.7 billion, an overall discount of 50%.

Senior executive appointments

The National Asset Management Agency is pleased to announce the following senior appointments at the Agency.  NAMA operates as an independent commercial entity under the aegis of the National Treasury Management Agency (NTMA) which recruits staff for NAMA.

Head of Lending

Graham Emmett has been appointed Head of Lending. Graham joins NAMA after a period working with Ernst & Young in London dealing with the liquidation of the real estate loan book of Kaupthing Singer & Friedlander (In Administration). Graham has also worked with Rankvale European Property Investors, Goldman Sachs, Delancey Estates Plc and Robert Fleming & Co.  Graham is a graduate of Loughborough University.

Head of Treasury

Frank O’Connor has been appointed Head of Treasury. Frank worked in a variety of roles within AIB since 1990 including the Head of Trading in AIB’s Primary Dealer Unit. For the past six years he has held the role of Head of Wholesale Treasury, BZ WBK in Poland.  Frank is a graduate of Dublin City University, the College of Commerce Rathmines and is a Fellow of the Association of Chartered Certified Accountants.

Frank Daly, Chairman of the National Asset Management Agency, welcomed the appointments on behalf of the Board. Brendan McDonagh, Chief Executive, said that the individuals appointed complete the NAMA Senior Executive team and that they will play a significant role in setting up and managing the National Asset Management Agency in the years ahead.