Minister for Finance appoints Mr. Willie Walsh to NTMA Advisory Committee and announces intention to appoint him as Chairman of the NTMA Board

28 October 2013

The following press release was issued by the Department of Finance on 28 October 2013.

Minister for Finance appoints Mr. Willie Walsh to NTMA Advisory Committee and announces intention to appoint him as Chairman of the NTMA Board

The Minister for Finance, Michael Noonan T.D., today announced that he will be appointing Mr. Willie Walsh to the National Treasury Management Agency (NTMA) Advisory Committee and to the role of Chairman of the Committee. The Minister also intends to appoint Mr. Walsh as Chairman of the Board of Directors of the NTMA when the forthcoming legislation is passed by the Oireachtas and enacted.

In announcing this appointment, the Minister stated:

"I am delighted to be appointing Willie Walsh as Chairman of the NTMA Advisory Committee. It is also my intention to appoint him as Chairman of the NTMA's Board of Directors, which will be established when the forthcoming legislation is passed. I am appointing him now so he can play an important role in the transition from the NTMA's current structure to the new structure that will be established by the forthcoming legislation.

Willie Walsh is an ideal candidate for the role of Chairman of the National Treasury Management Agency Board given his position as a global business leader, his extensive experience of corporate change, and his equity and financial market experience."

The Minister set out that the Chairman of the NTMA Board will lead it in setting the NTMA's strategic objectives and targets for its key functions under the forthcoming legislation, including:

· The investment strategy for the Irish Strategic Investment Fund;
· The provision of advisory services in relation to Commercial Semi-States through NewERA;
· The provision of treasury and debt management for the State;
· The activities of the National Development Finance Agency; and
· The operation of the State Claims Agency.

Minister Noonan concluded by stating:

"I would like to wish Willie Walsh the very best in this very important role, especially in the context of our exit from the EU/IMF Programme of Assistance and our return to the financial markets, and in the investment of a greater amount of the State's resources in domestic economic activity. I am sure Willie's extensive business skills and experience will be of benefit to the National Treasury Management Agency, which is already seen as one of the most successful Agencies of its type anywhere in the world."

28th October 2013

Notes for Editors

NTMA Advisory Committee

The members of the NTMA Advisory Committee are appointed by the Minister for Finance. The Chairman of the Committee is appointed by the Minister from among the ordinary members.

The role of the Committee is to assist and advise the Agency in relation to such matters as are referred to it for that purpose by the Agency and to advise the Minister on the remuneration of the Chief Executive.

Existing National Treasury Management Agency Role

The NTMA is responsible for borrowing on behalf of the Exchequer and managing the National Debt; it is also the State Claims Agency which handles claims against the State on behalf of Government Departments and semi-states, the manager of the National Pensions Reserve Fund, the body through which the National Development Finance Agency (NDFA, which advises on the financing of capital projects and promotes public-private partnerships) performs its functions and NewERA which provides financial advice to Government Departments in relation to certain commercial semi-states. It also provides business services to NAMA.

Forthcoming National Treasury Management Agency Legislation

The draft NTMA legislation (expected to be enacted early next year) will abolish the Advisory Committee and establish a board for the NTMA. It is envisaged that the Board will have a role similar to that of the board of a commercial semi-state. It will ensure that the NTMA performs its functions effectively and set strategic objectives and targets for the Agency. The Board will also set the investment strategy for the Ireland Strategic Investment Fund (ISIF) which will use the assets of the National Pensions Reserve Fund to invest on a commercial basis in Ireland so as to promote economic growth and employment.

Under the legislation, the various activities of the NTMA will be unified (apart from NAMA, which will continue to function as at present ). The NDFA and NPRF will cease to be separate entities and NewERA will be set up as part of the Agency.

Willie Walsh C.V.

Willie Walsh became Chief Executive of International Airlines Group (IAG) when the company was created in January 2011, joining from British Airways where he was Chief Executive from October 2005.

IAG is the parent company of British Airways, Iberia and Vueling. It is one of the world's largest airline groups with more than 435 aircraft flying to 230 destinations and carrying more than 70 million passengers each year.

Prior to joining British Airways, he was Chief Executive at Aer Lingus, a position he was appointed to in the aftermath of 9/11.

Born in Dublin in 1961, Willie joined Aer Lingus in 1979 as a cadet pilot. He held several management positions in Aer Lingus before being appointed Chief Executive of Futura, a Spanish charter airline owned by Aer Lingus.

He completed a Master of Science in Management and Business Administration at Dublin's Trinity College in 1992.

Willie has been a member of the Board of Governors of the International Air Transport Association (IATA) since 2006. He is Chairman of the

Strategy and Policy Committee and a member of the Audit Committee and Remuneration Committee of the Board. In addition to representing the interests of airlines across the globe, IATA operates the industry's settlement systems and in 2012 processed $371.5 billion of funds.

He was elected President of the London Chamber of Commerce and Industry (LCCI) in 2010 and re-elected in 2011 and 2012.

Willie has also been a member of the Presidents Committee of the Association of European Airlines Association (AEA) since 2005 and was elected Chairman of the Association in 2010.

In February 2011 he received the Order of Isabel la Catolica (la Encomienda de Número de la Orden de Isabel la Católica) from King Juan Carlos of Spain in recognition of his contribution to the Spanish economy.

Career Highlights
1979 Aer Lingus Cadet pilot
1989 - 1998 various management positions in Aer Lingus Flight Operations including Deputy Flight Operations Manager and Chief Pilot
1998 - 2000 Chief Executive Officer Futura
2000 - 2001 Chief Operations Officer Aer Lingus
2001 - 2005 Chief Executive Officer Aer Lingus
2005 - 2011 Chief Executive Officer British Airways
2011 - to date Chief Executive Officer International Airlines Group .

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