Government puts lucrative finance work out to tender
Financial consultancy firms are likely to scramble for lucrative work to be awarded by the Department of Finance.
The department sought tenders from financial consultants yesterday to provide expert advice for three lots: capital markets, strategic, mergers, acquisitions and restructuring advice; general finance advice and capital market distribution services.
The Department said a large part of scope of services in each lot relates to the Government's shareholdings in AIB, Bank of Ireland and Permanent tsb.
Last year, the Department of Finance paid €3.3m to consultants for a wide range of work.
In relation to seeking consultants to advise on capital markets, strategic, M&A and restructuring advice, the department stated that the firms were to assist in the structuring and execution of a sale process to ensure that the State achieves optimal execution in the context of a sale of securities including shares, preference shares, contingent capital notes and equity linked products. The tender added that the privatisation strategy will involve executing strategic transactions and general policy-making with regard to the banking sector.