Two new board members appointed to NTMA

The Minister for Finance, Michael McGrath, has announced two new appointments to the board of the National Treasury Management Agency (NTMA).

New appointees Myra Garrett and Fiona Ross will assume their places on the board of the Irish debt-management agency from 22nd December, 2023, for a five-year term.

The appointments follow a public competition held by the Public Appointments Service (PAS).

The new appointees will replace current NTMA board members Martin Murphy and Susan Webb (who is also currently serving as chairwoman). Both Mr Murphy and Ms Webb must stand down on 22 December 2023 as their second terms expire.

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Myra Garrett is a partner, and former managingpPartner, of William Fry LLP, specialising in corporate law including mergers & acquisitions, capital market transactions and corporate governance.

The UCD law graduate currently serves on the Management Board of the International Bar Association, ‘the Global voice of the Legal Profession’, and has previously served as a director of the Road Safety Authority, the UCD Foundation and the Institute of Directors.

Fiona Ross is currently the chair of Córas Iompair Éireann (CIÉ), Natural Capital Ireland and the National Paediatric Hospital Development Boards, and has previously served on the board of the HSE.

Having begun her career as a stockbroker in London, Ms Ross has 25 years of experience working within capital markets, and also currently holds a number of non-executive directorships in the UK.

Minister McGrath wished Ms Garrett and Ms Ross well on their appointments, saying they “will bring a wealth of both professional and governance experience to their membership of the NTMA’s board”.

NTMA chairwoman Susan Webb added that both are “well placed to make valuable contributions to the Agency over the terms of their appointments with their skills and expertise complementing those of the existing Agency members”.

The NTMA manages national debt, as well as the Ireland Strategic Investment Fund, the National Development Finance Agency, NewERA (New Economy and Recovery Authority) and the State Claims Agency.

The State body has raised €7 billion through the sale of benchmark bonds so far this year. The agency sold an average of about €16.5 billion of bonds a year between 2014 and 2021, including large issuances during the Covid-19 pandemic.