Saturday 21 April 2018

NAMA appoints 25 firms to provide advice on borrowers

Finance Minister Michael Noonan has confirmed that no IBRC loans would be transferred to NAMA due to the success of the sales process to date. Photo: Frank McGrath
Finance Minister Michael Noonan has confirmed that no IBRC loans would be transferred to NAMA due to the success of the sales process to date. Photo: Frank McGrath

Gordon Deegan

NAMA has named 25 firms to three separate panels to provide advisory services to the agency in relation to debtors.

However, the work available to the firms will not be as large as initially thought.

In the tender advertised last November, NAMA stated that as well as work on the existing portfolio of loans the service would include advice in relation to any Irish Bank Resolution Corporation (IBRC) loans unsold following the liquidation of that bank which would then transfer to NAMA.

However, Finance Minister Michael Noonan confirmed yesterday that no IBRC loans would be transferred to NAMA due to the success of the sales process to date.

In the tender agreement, NAMA has selected seven firms for 'High Complexity Connections' relating to borrowers with substantial debt levels with multiple entities across complex group structures and jurisdictions. The seven are Deloitte & Touche, Ernst & Young; Grant Thornton Corporate Finance; MKO Partners; PricewaterhouseCoopers; RSM Farrell Grant Sparks and Duff & Phelps and Smith & Williamson.

In relation to the agreement for working on borrowers with Medium Complexity Connections with debt levels between €20m and €50m, the firms that NAMA has selected are Baker Tilly Ryan Glennon; BDO; Crowe Horwath Bastow Charleton; Gilroy Gannon; HLB McKeogh Gallagher Ryan; Kavanagh Fennell; KPMG; Mazars; Quayle Munro Project Finance; Bruce Shaw Consulting and Russell Brennan Keane.

In terms of the 'low complexity connections' relating to debtors with debts less than €20m, the firms selected by NAMA are BMOL Partners; Gallagher Keane Consortium; Horwood Neill Holmes; Hughes Blake; JPA Brenson Lawlor; McStay Luby; O'Connor Pyne & Co; Coombes Corporate Finance and Ross Boyd.

The tender agreement is for four years and is subject to annual review.

NAMA states that the work will involve firms providing advisory services in connection with the sourcing, review, evaluation and monitoring of borrower financial information and strategies in connection with assisting NAMA with its interaction with those borrowers.

Irish Independent

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