The National Asset Management Agency was dealt a blow yesterday with the departure of Ronnie Hanna as head of asset recovery. Nama moved quickly to fill this senior role by appointing Mr Hanna's deputy Michael Moriarty as his successor.

A spokesman for Nama said Mr Hanna was not leaving to take up a position elsewhere and that he would have to serve a six-month notice period before joining another company.

Mr Hanna has more than 30 years of banking experience, gained through a variety of roles with Ulster Bank, NatWest and Royal Bank of Scotland. *

Mr Moriarty joined Nama in May 2010. He worked for many years with Bank of Ireland Private Banking and subsequently held roles with HOK and Goodbody Stockbrokers.

While not a Nama board member, Mr Hanna was a senior executive in charge of asset recovery from Nama’s debtors.

His departure could be seen as a signal that pay levels at the agency are now becoming a problem, with about 40 staff departing this year.

Nama is precluded from paying bonuses and its staff were also subject to the pay cuts implemented by the Government in the Haddington Road agreement.

*edited October 2nd