NAMA selects Pepper Asset Servicing to manage multi-billion loan portfolio
The National Asset Management Agency (NAMA) has selected Pepper Asset Servicing to manage a multi-billion loans portfolio after a deal with UK company Serco collapsed.
Pepper, the Irish subsidiary of an Australian finance group, is now the preferred bidder to service the €1.8bn portfolio, which is mainly made up of residential mortgage loans stemming from the liquidation of IBRC.
The liquidators of IBRC, Keiran Wallace and Eamon Richardson of KPMG, are currently trying to sell many of these home loans so Pepper’s role will apply to the loans that are not successfully sold.
Dublin-based outsourcing company Certus was also thought to have bid for the role.
NAMA awarded toxic loans agency Serco with the contract in July, but was forced to scrap the deal when the British government accused Serco of over-changing the UK taxpayer by about €60m just a week later.
Pepper was also involved in that deal but was not implicated in the fraud allegations, and so was free to apply for the contract again.
Pepper employs 170 people in Ireland.