Software firm lands contract to manage NAMA's huge loan portfolio
A Dublin software company has landed a major contract with NAMA to manage its entire portfolio of loans and connected security as the agency gets close to the end of all loan transfers.
Dublin software operator Ergo has been awarded the contract to provide NAMA with a management system for its huge portfolio of loans, the largest amount of such assets held in Ireland. The value of the contract has not been disclosed.
NAMA is close to completing all the transfers, although banks are still appealing some transfers and developer Paddy McKillen's loans are still the subject of legal argument.
The IMF/EU instructed Ireland to put loans worth less than €20m into the agency, but this decision has been reversed by the new Government.
It is not clear if the IMF will insist on this plan again. NAMA was ready to take these additional loans but would have needed extra resources.
Ergo has been providing IT systems to large banks and the Revenue Commissioners for more than 18 years and employs 176 staff in its Dublin office. Other clients it has worked with include Microsoft, Pfizer and the VHI.
The company is organised across two main divisions -- Ergo Software Solutions and Ergo IT Infrastructure.
NAMA is trying to use a system that makes it easy for its loan staff to check through thousands of loans and their documentation. The list of accompanying collateral is equally as important.
While not prepared to officially disclose what loans it has taken over, NAMA is having to register charges over land and houses/apartments and in that way the scale of its operations is being revealed.