Irish bad bank has Nama announced a new tender for the servicing of the IBRC commercial loans not sold by Anglo Irish Bank’s special liquidator.
The move comes as a result of Nama being advised that the portfolio it expected to acquire was smaller than expected. The Irish government decided in February last year that Nama would acquire any commercial and residential loans that were unsold after the special liquidators completed a loan valuation and sales process. The loan sales process is currently underway.
NAMA had chosen Certus as preferred bidder after a competitive bidding process in July 2013 to provide primary and special services in respect of the portfolio of commercial property loans, which it may acquire from the special liquidators, KPMG. At the time of the original tender, the portfolio of commercial property loans was estimated to have an aggregate nominal par debt value of €20bn (£16.5bn)
Based on the sales carried out to date by the special liquidators and the high level of investor interest in the other IBRC portfolios currently for sale, the special liquidator has advised Nama that the volume of commercial property loans likely to be transferred could now be substantially less than anticipated.
Nama has also been advised that a large proportion of the commercial property loans that do transfer will be those of debtors with smaller debt exposures.
NAMA expects to issue its tender documents in respect of the revised portfolio on e-tenders/OJEU on Tuesday.
sophia.furber@estatesgazette.com
