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NAMA seeks experts

The Government is recruiting a panel of financial experts to evaluate business plans submitted by banks and developers to the National Asset Management Agency (NAMA).

The 40 financial advisers will analyse borrower business plans, including an objective assessment of key assumptions.

Potential candidates have until Friday to submit their application for the posts.

Their role will include providing a written report and presentation to NAMA with an opinion on the appropriateness of the business plan, the borrower's viability and recommendations as to the approach to be adopted by NAMA.

NAMA is set to open for business next month and it is intended to contract with a number of firms for two years until the end of 2011.

Over 99pc of Bank of Ireland shareholders approved the bank's participation in NAMA at an extraordinary general meeting in Dublin.

Approximately 12pc of the bank's loan book, which equates around €16bn of property- related loans, is likely to be transferred to NAMA on a phased basis, beginning next month.

The bank's governor Pat Molloy said he still expected NAMA to buy the loans at a 30pc discount and the move follows AIB's copper fastening of its participation in December.

At the meeting yesterday, shareholders attacked the institution's management of recent years and called for the bank to back demands for a bank inquiry.


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