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Archive for November 25th, 2011

Nearly two months after NAMA lost its first board member, Peter Stewart, it has been announced by the Agency this afternoon that a second board member, Michael Connolly, has today resigned from his position as a non-executive board member of the Agency. The two-sentence statement from NAMA also contains a note of gratitude from NAMA chairman, Frank Daly who “has thanked Mr. Connolly for his service on the board and commended his contribution during what has been an exceptionally busy and challenging period”

Michael Connolly (CV outline here) was a career banker with Bank of Ireland and specialized in troubled loans, and was appointed to the NAMA board in December 2009 where he was expected to serve for five years. There is no word on why his tenure has prematurely ended.

When Peter Stewart resigned, there was the distinct impression that there might have been a difference of opinion. This came after Peter referred to the mysterious review of the Agency initiated by NAMA or Minister for Finance, Michael Noonan, depending on who you listen to – in fact Peter said that it was he that was instrumental in initiating the review by former HSBC banker Michael Geoghegan. The results of the review were famously delivered orally and no-one took notes which might have been made public!

There is no statement yet from Michael Connolly that I am aware of; no doubt the rumour mills will grind in the vacuum. Was there disquiet on the NAMA board, was Michael unhappy with NAMA’s performance and direction, has there been political interference?

So NAMA’s nine-member board is now down to seven. The roles pay approximately €50,000 a year.

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