It is being reported by Neil Callanan, now at Bloomberg, this evening that NAMA’s Head of Lending, Graham Emmett is to leave the Agency. The news has apparently been confirmed by NAMA’s spokesman, and so marks the third high profile resignation from the Agency in almost as many months. In October 2011, the principal Northern Ireland representative on the NAMA board, Peter Stewart departed saying that the Geoghegan review which he was apparently instrumental in initiating would mark a watershed moment for NAMA (something subsequently downplayed by the NAMA chairman, Frank Daly) and then in November 2011, NAMA lost its most senior banking man, board member Michael Connolly, who left without issuing a statement which is generally not a good sign. Both board members left the Agency before their tenure was due to elapse.
Graham Emmett might be best remembered for two public pronouncements which NAMA had later to soften by saying Graham was speaking in his own capacity. There was the claim in 2010 that NAMA might embark on a rental strategy for 6,000 apartments in the Dublin area and the suggestion that NAMA would dispose of all its UK assets by the end of 2013.
Funnily enough, NAMA has not issued a statement – at least not yet – in contrast to the relatively junior appointment announced yesterday of a Relationship Manager, Martin Whelan.
No word yet on Graham’s next move but Bloomberg say he is returning to London.
UPDATE: 11th February, 2012. According to Graham Emmett’s LinkedIn profile which appears to be an authentic profile given the number of connections and what appears to be an accurate career history, NAMA’s former head of lending is “gone fishing and gardening”
NAMA Wine Lake 
[…] […]
Word out of NAMA from the portfolio managers is “Forget about staple financing. We’re not interested in offers that involve us giving any.”
This resignation confirms it. Goodbye to NAMA’s much vaunted lending programme.
Is Nama winding down?
@OMF, No, but its about to change. Watch out for increased emphasis on Irish disposals.
Irish Disposals to who?The people who have real Money aint going to spend as long as there is continued uncertainty in market and when sellers are still living in the Boom time dream world with over the top pricing
@patrick, There’s no argument from me on that. – other than a few Russian mafia wives and a very few UK or US funds. What I don’t get is why NAMA doesn’t understand that.
Are staff leaving due to low salaries (salary cap?), high taxes in Ireland?
Or is it that they have been made offers from other employers in other jurisdictions which are too good to refuse?
Or are they leaving out of protest, fundamentally disagreeing with the corporate policy of Nama?
@Sporthog, I don’t think we know, but 2 directors leaving from a board of 9 in over 2 years (NAMA was founded in December 2009) is probably not indicative of crisis, given the environment in which the Agency operates. We actually don’t have general staff turnover numbers for NAMA. I think Graham Emmett is probably the most senior employee to leave but other more junior NAMA employees have departed also.
Rumour is that when Graham Emmet notified NAMA of his resignation, he was shown out of the building immediately by the security guards. John Mulcahy had to leave his shooting party on Saturday morning, after receiving a call on his mobile to attend an emergency meeting of NAMA.
Emmet was never liked within the famiglia. Much too commercial for Frank etc. The lower orders positively hated him. The amateurs and visionless consolidate their position. God bless Ireland!
@WSTT whats the big deal with Emmett,jumps around a lot,if its going well you don’t leave GS you retire.Three years at GS, reading the papers you would think he ran the place.
“Graham Emmett joined Rankvale in 2006 with over 21 years of real estate experience. Prior to Rankvale, Graham spent three years at Goldman Sachs where he led the European CMBS and Real Estate Mezzanine teams, he was finance director at Delancey Estates plc for four years and was a director of Robert Fleming & Co Ltd, heading up its UK Real Estate Financing Unit. At Rankvale Graham takes particular responsibility for modeling, structuring and under taking due diligence on potential new acquistions and negotiating financing facilities with third party banks”
http://www.rankvale.com/main.asp?pid=67&child=0&parent=0&lang=English
@jg, Apparently he was looking for a new position in London for some time. The wife had already “abandoned ship” and moved. Hard to know therefore if he just wanted out and to head home or if there was some deeper reason such as the rumoured jettisoning of NAMA’s much heralded staple financing (Emmet was in charge of lending).
It is notable that Prudential did not take up the offer of staple finance for One Warrington Place. Although some of the underbidders were depending on it. However, the NAMA version of staple finance really wasn’t what it said on the tin. NAMA pressurised BoI and AIB to produce loan offers to the bidders. AIB’s offer was laughable. At least BoI put its best foot forward. But it was a half-hearted attempt at staple financing by NAMA on its first attempt. Is it also the last attempt? Time will tell., but it’s not looking good.
@WSTT but NAMA advancend or “lent” significant amounts to its pets,assume he was in charge of that.Dont have annual report to hand but it was big number,interesting that it coincided with Tresuary finally getting the knock on the door.
They need to get REIT legislation passed,unlikely any time soon.Assumed the exit was to made some “good” loans bundle them,either a CMBS or Mortgage REIT offering down the road.With little or no financing available and so much product they may have to,whether they like it or not.
All cash buyers pay less than when seller is providing financing,stateside sellers often ask for a cash and financed bid.
@jg, “All cash buyers pay less than when seller is providing financing,stateside sellers often ask for a cash and financed bid.”
Correct, John. But nobody in NAMA knows that! You are dealing with amateurs – and not even gifted ones.
@WSTT with London definetly cooling could be extremly challenging year,NWL did good post on recent decline in one the UK indexes.Also,noted a number of dropped deals,Joe Perrela’s shop walked just before holidays.How long can they ignore Ireland,they may have to either Joint Venture or Finance some deals.
If that was the manner of his exit, there were more than likely fist bumps and high fives all round.
Unless he is curtailed he’s an ideal candidate for you to interview NWL!?
@Garfunkel confi. agreement pretty sure,also NAMA is quite vengeful.
A tax collectors mentality,he may never eat lunch in this town again!
His future carrear prospects hopefully,does not include working with NAMA,it’s the nature of the beast.Just ask Paddy McKillen who is know embroiled courtesy of NAMA with the Barclay Bros.