IRELAND - The National Asset Management Agency (NAMA) has announced a reorganisation of its management structure and plans to recruit a chief financial officer.

New divisions - including asset management, asset recovery and strategy and communication - have been established.

Discussing the focus of the new chief financial officer role, a statement said the recruitment process would get underway within a week.

"Areas of responsibility will include existing business functions such as Finance and Business Services, Treasury and Tax, as well as Audit and Risk," it said.

Former head of portfolio management John Mulcahy has been named head of the asset management division, while Ronnie Hanna has moved from head of credit and risk to assume responsibility for the asset recovery department. 

NAMA said Hanna would be responsible for working with debtors and receivers to "enhance the effective and efficient management" of loan recoveries, merging the previous portfolio management, credit and lending and corporate finance departments.

Mulcahy, previously managing director of Jones Lang LaSalle Ireland, will meanwhile aim to increase future cash flow by working with joint venture partners to develop assets in the agency's multi-billion-euro portfolio.

Sean Ó Faoláin, formerly head of business services, has been named head of strategy and communication.

NAMA said: "This division will undertake regular formal reviews of [our] strategy and will also develop and implement new product initiatives."

Chief executive Brendan McDonagh said the reorganisation would "help ensure NAMA was correctly positioned" for the future.

"The agency has achieved an enormous amount in its short existence, and we have a very busy agenda ahead of us," he added.

"Our focus remains on recovering the maximum amount of money for the Irish taxpayer, and we will continue to evolve and develop organisationally to respond to the challenges we face."

The agency, set up in the wake of the financial crisis to deal with €71bn of property loan assets belonging to Irish debtors, has so far managed to sell €6.2bn in assets.

Earlier this month, it announced plans to launch one or several Qualified Investment Funds to help sell overseas investors assets within its portfolio.

It had previously sought to attract interest from institutional investors by offering as much as 70% of financing to acquire assets on its books.