The Minister for Finance Paschal Donohoe has selected Nama board member Aidan Williams to succeed Frank Daly as chairman of the so-called bad bank as it enters its final years.
Mr Williams (60), chairman of both Unicredit Bank Ireland and Macquarie Capital Ireland, joined the board of Nama in April with four decades of experience in international capital markets, investment banking, fund management and stockbroking.
Mr Daly, a former chairman of Revenue Commissioners, is retiring as chairman of Nama on December 21st after two terms in the seat, the Minister said in a statement on Wednesday.
“Under [Mr Daly’s] chairmanship, Nama has had an overwhelmingly positive impact on the Irish economy at a crucial time in our country’s history,” said Mr Donohoe.
Nama paid five lenders a discounted price of €32 billion for €74 billion of toxic commercial property loans between 2010 and 2011, representing a 57 per cent discount to their original value.
Forecast
The agency has upgraded its lifetime surplus forecast a number of times in the past five years, amid a recovering economy and property market, and currently estimates that it will return €4 billion to the Government in the coming years.
In July, the Minister extended the life-span of Nama to 2025 from 2021 in order to work through a small number of remaining loans and ongoing litigation in which the agency is involved.
“I would like to take this opportunity to congratulate Mr Williams on his appointment of chairman of the Nama board,” Mr Donohoe said on Wednesday. “This is an important and demanding role.”
