MINISTER FOR Finance Brian Lenihan has sought expressions of interest from “suitably qualified people” for appointments to the board of the National Asset Management Agency (Nama).

The seven appointments will be among the most closely watched by the Government in recent years, as the Minister progresses with his plans to establish the State’s “bad bank” agency to remove toxic loans from the banking system.

In an advertisement published in The Irish Times today, the Department of Finance says it anticipates the Nama board will comprise nine members, seven of whom will be appointed by the Minister. The chief executives of Nama and the National Treasury Management Agency (NTMA), the Government’s debt-management body, will be “ex-officio members” of the board of the toxic loans agency.

The advertisement, published in anticipation of the passing of the Nama Bill, states individuals “must not have any conflicts of interest likely to interfere with his/her ability to play a full part on the board”.

The Government is seeking to appoint individuals to the board who have “expertise and experience at a senior level” in one or more of 14 listed areas, including construction and land development, banking and investment, finance and economics, credit management, and insolvency and restructuring. Other skills sought are “project finance”, “urban and land planning”, “valuation”, and “social housing and community development”.

The department says in the advertisement that it has already received expressions of interest from individuals seeking appointment to the board.

“In that context, a follow-up expression of interest is not required. The Minister may appoint members from outside the expressions of interest received in response to this advertisement,” the department said.

Applicants have until Wednesday, November 11th, to submit expressions of interest.

The department recommends interested parties examine the relevant provision of the Nama Bill in detail before making submissions.

The board appointments have fallen behind schedule. According to the draft Nama business plan published last month, the Government says the board is “likely” to be appointed early this month.

The Minister has said he would consult the Opposition parties about the appointments and he had no difficulty with board nominees being examined by an Oireachtas committee.

The legislation establishing Nama is expected to be passed by the middle of this month.

Mr Lenihan has said the Government can meet its deadline to begin transferring loans to Nama by the end of this year.