Mulcahy will be replaced by Mary Birmingham, who is currently senior asset manager in the agency. He joined NAMA, when it was established in December 2009, as head of portfolio management.

A chartered surveyor with more than 40 years of experience in industry, Mulcahy was appointed to the NAMA board by the Minister for Finance in March 2012 and was appointed head of asset management in April 2012.

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Brendan McDonagh, chief executive of NAMA, said; Mulcachy was a pivotal presence at the property agency, and it would have been very much more difficult to deal with the scale of the challenge that we faced four years ago without the undoubted expertise of John who was, and is, widely respected in the property business".

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