Former chief executive of Pfizer’s international finance department in Dublin, Susan Webb, has been appointed as the new chair of the National Treasury Management Agency (NTMA).
he succeeds former CRH finance director Maeve Carton, whose term ends this month.
Treasury Secretary Paschal Donohoe also announced that John McCormick has been appointed to the NTMA Board of Directors for a five-year term beginning later this month.
He is a former Chairman of the Asia Pacific unit of Royal Bank of Scotland and was also Chief Executive of RBS Global Banking and Market in the region. He is currently Head of Risk and Capital at Bank of Montreal Europe. Mr. McCormick’s appointment to the NTMA was preceded by a public competition for the role.
Ms. Webb has served on the NTMA Board of Directors since its inception in 2014 and her final term expires in December next year.
She is also an independent non-executive director at Citco Fund Services and Marriott International Funds.
Mr Donohoe said Ms Webb will bring a “wealth of experience” to her role as chair of the NTMA. He added that Ms Carton had done an “excellent job” in guiding the agency through the pandemic.
“I would also like to thank her for her significant contribution and commitment to the Board since its inception in 2014,” said the Minister.
Last week, the NTMA said Ireland will borrow €7 billion to €11 billion in financial markets over the next year as the government’s strong fiscal position reduces the need to take on new debt.
The funding range is below last year’s plan of €10-14 billion, of which only €7 billion was raised as strong tax revenues reduced government bond needs in 2022.
The agency said it will hold only one syndicated bond deal next year and does not expect to issue any Treasury bills — short-term debt instruments — due to its “strong funding position.”
“Our 2023 borrowing plans reflect our strong cash balance, projections for a fiscal surplus and relatively low levels of maturing debt over the coming year,” said Dave McEvoy, NTMA director of financing and debt management.
As of October, the NTMA had €27 billion in cash after borrowing heavily at low interest rates during the Covid-19 crisis.
https://www.independent.ie/business/ex-pfizer-executive-to-chair-ntma-42203197.html Ex-Pfizer executive takes over as NTMA chairman