Belfast Telegraph

Saturday 19 April 2014

Former HSBC boss did not request fee for Nama review job

Michael Geoghegan, the former chief executive of HSBC, did his review of how the Republic's 'bad bank' Nama is working for no fee, it's understood.

After being criticised for generous fees and payments to lawyers and consultants, it is believed Mr Geoghegan agreed to do a review of the agency without any fees.

Mr Geoghegan earned millions during his time at HSBC, but hit the headlines in 2009 when he donated a £4m bonus to charity in the UK.

He gave his report to Finance Minister Michael Noonan earlier this month and it was discussed by the Nama board last week. The main part of the review was a skills audit of senior staff and directors and changes are expected to follow shortly.

Meanwhile, it has emerged that Nama is placing most of its huge cash resources with the Central Bank, rather than the Irish commercial banks. Accounts for National Asset Loan Management Ltd for 2010 show Nama had €836m (£732m) on deposit.

Of this, €709m (£621m) was placed with the Central Bank and €66m (£58m) was placed with "other banks", which were Allied Irish Banks and Citi. The location of the term deposit accounts was not disclosed.