IRELAND - John Corrigan, director of the 20.9bn National Pensions Reserve Fund (NPRF), has been appointed as the new chief executive of the National Treasury Management Agency (NTMA).

The promotion follows the retirement of Dr Michael Somers, who has been head of the NTMA since its inception in 1990, and who is being nominated by Brian Lenihan, the minister of finance, as a director of Allied Irish Bank.

Corrigan, who yesterday told IPE he was "delighted" with the appointment, will begin his new role on 4 December 2009. As CEO of the NTMA, he will be involved with the issuance of government bonds as well as organisations including the NPRF, the National Development Finance Agency (NDFA) - which is in charge of Public Private Partnerships for infrastructure. He will also be joining the board of the newly-established National Asset Management Agency (NAMA).

In addition, Corrigan noted he will also be helping find his replacement CIO for the NPRF, as becoming CEO of the NTMA will mean he joins the pension fund's board. However, it is still early days in the search as the next board meeting will not be held until early December.

In an official statement Lenihan recognised the government's "profound appreciation" of the contribution by Somers and said he "looks forward to working closely with Mr Corrigan in the years ahead".