Press release
Minister Donohoe makes appointments to Board of the National Treasury Management Agency
Published on
Last updated on
Published on
Last updated on
The Minister for Finance Paschal Donohoe has today (Wednesday), announced the appointment of Ms. Susan Webb as the next Chair of the National Treasury Management Agency (NTMA) in succession to Ms Maeve Carton whose term will end on 22 December 2022. Ms Webb has been a member of the NTMA’s Board since its inception in 2014 and her final term will expire on 22 December 2023.
The Minister also announced the appointment of Mr. John McCormick to the Board of the NTMA for a five-year term with effect from Thursday, 22 December 2022.
John is the former Chairman of Royal Bank of Scotland (RBS) Group Asia Pacific (APAC), and CEO of RBS Global Banking & Markets APAC. He is currently Chair of Risk and Capital on the Bank of Montreal Europe plc board, and previously served on the National Bank of Greece and Lombard Risk Management plc boards. He graduated from Henley Business School (University of Reading) with an MSc. in Coaching & Behavioural Change and is the Co-Founder & Partner at DMC Coaching LLP.
His appointment follows a public competition held by the Public Appointments Service (PAS).
Commenting on the changes at the Board, Minister Donohoe said:
“Susan Webb will bring a wealth of experience to the role of Chair both from her extensive professional background and as a member of the NTMA since the Board was established in 2014. I wish her every success during her term as Chair.
"Susan succeeds Maeve Carton who has done an excellent job in steering the NTMA, including through the challenging pandemic period, since taking up the Chair role at the start of 2019. I’d also like to thank her for her significant contribution and commitment to the Board since its establishment in 2014. I am certain that Maeve will continue to make a significant contribution in any future opportunities that she pursues.
"John McCormick’s strong background in the global banking and financial services sector makes him an excellent addition to the pool of skills available to the NTMA’s Board and I wish him well on his appointment.”
(Outgoing) NTMA Chairperson, Maeve Carton, added:
“I welcome the announcement by the Minister for Finance today of the appointments of Susan Webb as the next NTMA Chair and of John McCormick to the NTMA Board. Both Susan and John are well placed to make valuable contributions to the Agency over the terms of their appointments."
Ms Susan Webb was appointed to the Board of the NTMA on 22 December 2014 for a four year term and was subsequently reappointed to the Board for a 2nd term until 22 December 2023. Her term as Chair will also expire on 22 December 2023.
Susan Webb is a former Managing Director of Pfizer’s international treasury centre based in Dublin. She has acted as a director on a number of boards and is currently an independent non-executive director of Citco Fund Services (Ireland) Limited and Marriott International Funds Plc.
John McCormick has previously held a number of other senior executive roles including global trading and risk management in Royal Bank of Scotland and Bank of America based in Dublin, London and Hong Kong. He is a Certified Bank Director and a Fellow of the Institute of Banking in Ireland. He successfully led businesses across multiple global and regional banking platforms in the UK, Europe and Asia Pacific including: retail, commercial, wholesale and investment banking; wealth management & private banking; merchant banking; and trust and leasing companies.
The National Treasury Management Agency (NTMA) is a State body which operates with a commercial remit to provide asset and liability management services to Government. Businesses managed by the NTMA include borrowing for the Exchequer and management of the National Debt, the Ireland Strategic Investment Fund, the National Development Finance Agency, NewERA and the State Claims Agency.
| Ms. Maeve Carton | Chair |
| Ms. Gerardine Jones | |
| Mr. John Hogan | Ex officio (Secretary General, Department of Finance) |
| Mr. Martin Murphy | |
| Mr. Frank O’Connor | Ex officio (NTMA Chief Executive) |
| Ms. Rachael Ingle | |
| Mr. Brian O’Kelly | |
| Mr. David Moloney | Ex officio (Secretary General, Department of Public Expenditure and Reform) |
| Ms. Susan Webb |