THE liquidators of IBRC will receive final indicative bids today for loans which were once worth €3.5bn, paving the way for the sale of debt attached to landmark businesses such as Arnotts department store.
Bidders for the loans have been poring over detailed information for the past four weeks before making their indicative bids by today's deadline.
The liquidators have dubbed the loans sale 'Project Evergreen'.
Those bids will be assessed by IBRC's liquidators, KPMG, before it decides whether a second round of binding bids needs to be submitted. A closing round will then follow.
The business loans sale includes a 50pc stake in Arnotts and Fields Jewellers. There's €300m of debt attached to Arnotts, held by IBRC and Ulster Bank.
It has been previously speculated that Ulster Bank may have opted to buy IBRC's debt attached to the department store.
Well-known British retailers, including House of Fraser and Selfridges, have been touted as potential buyers of IBRC's Arnotts debt. Selfridges is controlled by Galen Weston and his family, who also own Brown Thomas.
It's expected that as many as 100 bids for the first tranche of IBRC loans could be received by the close of business today.
Investment bank UBS has undertaken an independent valuation of the IBRC assets and the loans will only be sold if bids exceed those valuations.
If they don't, the loans will end up being transferred to the National Asset Management Agency.
IBRC, previously Anglo Irish Bank, was placed in liquidation by the Government in February.
Its loans are being sold off in four tranches.
They include the €3.5bn for which bids are due today, as well as €7.8bn of UK commercial property loans, €1.8bn in Irish residential mortgages, and another €9.3bn commercial real estate book.
Groups such as private equity outfits are most interested in the €3.5bn in business loans currently up for grabs.
However, it's been speculated that the valuation methodology being used for the loans could put some private equity players off, as they wouldn't be able to reap sufficient return on their investment.