Saturday 18 November 2017

NAMA seeking expert help for IBRC loan book

Donal O'Donovan

Donal O'Donovan

NAMA is seeking qualified experts to help pore over the financial affairs of new borrowers it expects to take over from IBRC.

A tender notice posted by the agency shows how NAMA is ramping up its operational capacity in the expectation that it will be landed with the bulk of IBRC's assets when the liquidation of the former bank is complete.

The agency is now seeking to appoint three panels of qualified professionals, who may then be hired to provide advisory services in connection with "the sourcing, review, evaluation and monitoring of borrower financial information and strategies" for the agency.

BULK

Each panel will be put together to look at a different types of borrower – which NAMA refers to as "connections".

Panel one will look at the finances of " high-complexity connections", panel two at "medium-complexity connections", and panel three at "low-complexity connections."

NAMA is expected to receive the bulk of IBRC's loan assets, which have a 'par' or face value of €22bn, when the liquidation of the former bank ends later this year.

Those assets are currently being marketed for sale to other bidders by the liquidators, but will only be sold if private bidders can match preset valuations.

The portfolio is made up of thousands of corporate and commercial property loans and a tranche of home loans.

While NAMA has managed billions of euro of loan assets up until now it has mainly been property debt.

The agency has relatively little experience managing company loans, and no track record managing home loans.

Irish Independent

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