Corporate restructuring expert's career path was partly shaped by his time on the board of the nascent Nama
McEnery officially took over the reins on Wednesday from Michael Costello, who had completed a trio of three-year terms at the helm and remains a senior figure at the firm. McEnery says his ambition is to grow the business from generating about €70 million of revenues – as it is on course to do the financial year to the end of March – to around €100 million at the end of his term in 2026.
For McEnery, the environmental, social and governance agenda will be a key area of growth for the firm over the coming years, particularly as the EU Corporate Sustainability Reporting Directive, requiring companies to disclose information on how they operate and manage environmental and social risks, is phased in between next year and 2028.
After graduating, McEnery joined Limerick-based Fitzpatrick Business System, a leading information technology service provider to accountancy practices and offices in the midwest to gain an edge on the IT front. He “halved” his salary a little over a year later when he went into accountancy, signing up to what was then Horwath Simpson Xavier in 1995. Within months, it had migrated to become part of BDO.
His interest in the sector had been established long before that, working summers while in college as a care assistant in a nursing home near Birmingham, where his aunt was involved in running hospitals. It was just ahead of strict vocational training and vetting rules being introduced in the UK – and well before the Health Information and Quality Authority was set up in Ireland in 2007 in the wake of the Leas Cross nursing home scandal.
McEnery’s wife heard an item on RTÉ Radio 1’s Morning Ireland a few weeks later about the establishment of Nama, prompting them to wonder if that was what Lenihan had been alluding to. He put in an expression of interest, detailing his background in insolvency and restructuring, and was called by the minister the day before Nama’s first board meeting to say he’d gotten the gig. He describes the experience as one of the “highlights of my life”.
On the contrary, Nama currently expects to pay a lifetime surplus of €4.5 billion to the exchequer by the time it is wound down in the middle of this decade.
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