NAMA HAS CHOSEN two preferred bidders in the competition to take over the loan portfolios of IBRC, the dismantled amalgamation of Anglo Irish Bank and Irish Nationwide.
Earlier this year, the government decided to liquidate IBRC and sell off its portfolios but any loans that remain unsold after a valuation and sales process will be purchased by the asset management agency.
Following a tendering process, NAMA has announced its two preferred bidders to manage loan portfolios that it may acquire from the Special Liquidator.
Certus has been chosen as the service provider for any commercial property loans, residential investment and development loans and business banking loans. These could potentially have a value of €22 billion, depending on the outcome of the liquidator’s sale process.
For the institution’s personal and residential mortgage loans, the consortium of Pepper Asset Servicing and Serco has been selected to provide services. The value of the portfolio is understood to be worth €1.8 billion but that could be lowered depending on the extent to which loans are sold in the liquidating process.
The appointments are subject to agreement on contractual terms.
These portfolios are separate to the €41 billion of loans that were being managed by IBRC on behalf of NAMA prior to the liquidation of 7 February.
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