Belfast Telegraph

Former Ulster Bank executive to play a key role in NAMA

The Republic’s ‘bad bank’ has recruited a former executive of Ulster Bank in Belfast to one of its most senior management roles.

Ronnie Hanna has been appointed as head of Credit and Risk at the National Asset Management Agency (NAMA), which has been set up to buy and manage toxic property loans held by the Irish banks.

Mr Hanna has worked with Ulster Bank in a variety of roles since 1980. Most recently he has held the role of Head of Global Restructuring Group NI and prior to that head of credit risk NI within Ulster Bank. He is a graduate of Queen’s University Belfast and a Fellow of the Institute of Bankers.

NAMA also appointed John Mulcahy from Jones Lang LaSalle as its head of portfolio management, Aideen O’Reilly as head of legal and tax and Seán Ó Faoláin as head of business services.

All four will report to NAMA chief executive Brendan McDonagh, who said that the individuals appointed would ‘play a key role’ in managing the agency.

NAMA is set to pay €54bn in government bonds for commercial property loans that went bad in the crisis and which have a book value of €77bn. Its aim is to take toxic assets off the balance sheets of the Republic’s main banks and encourage them to free up credit for businesses and homebuyers.

Belfast Telegraph