Leadership

NTMA’s Michael Somers preparing to retire - report

11.11.2009
The current Chief Executive of the National Treasury Management Agency (NTMA) Michael Somers is preparing to retire from the top position at the agency.

According to reports, the man charged with managing Ireland’s national debt is currently in negotiations on his planned retirement, with the announcement expected to be made early in December.

The most likely successor to Somers as Chief Executive at the NTMA is John Corrigan, who is a director of the National Pension Reserve Fund.

Whoever the Government decides to appoint as NTMA Chief Executive will have a busy time of it, as in addition to their responsibilities at the NTMA the new CEO will also have a position on the board of NAMA.

Somers has been managing the agency since its establishment in 1990, when it was set up by former Taoiseach Charles Haughey to manage Ireland’s ballooning national debt.

He is thought be Ireland’s best-paid public servant with an annual pay packet in the region €1m.

Somers caused quite a stir in May when he told the Dáil Public Accounts Committee that he was not sure how his agency would interact with the newly established National Asset Management Agency (NAMA), which the Government has entrusted to it.

Tributes paid
Fine Gael finance spokesman Richard Bruton TD wished Somers well for the future, describing him as a “courageous and effective public official” who in the course of his service saved substantial money for the taxpayer.

He also paid tribute to what he said was Somer’s significant contribution to opening up public debate on NAMA, “at a time when few official voices were willing to comment on the obvious risks involved”.

The Dáil Public Accounts Committee (PAC) also praised the contribution Somers made to the public service and wished him well on his retirement.

“On behalf of the Committee, I would like to commend the input made by Dr Somers throughout his time as Chief Executive of the NTMA. During his dealings with the committee, he showed himself to be an efficient and straight-talking public official who was not afraid to offer independent assessments of situations and tell it as he saw it,” said PAC Chairman Bernard Allen.

“His appearance earlier this year at the Committee regarding NAMA was a typical example of this and in some ways it is a pity that he is departing now as his expertise and steady hand would have been extremely useful during the upcoming period,” he added.