Tuesday, January 21 10:40:05
The National Asset Management Agency has said that it is to put out to tender any of the IBRC's commercial and residential loans which were unsold after the Special Liquidators had completed a loan valuation and sales process.
The loan sales process is currently underway, it said.
Following a competitive tendering process, NAMA selected Certus in July 2013 as its preferred bidder (subject to contract) to provide primary and special services in respect of the portfolio of commercial property loans, which it may acquire from the Special Liquidators.
At the time of tendering, the portfolio of commercial property loans was estimated to have an aggregate nominal par debt value of E20 billion.
"Based on the sales carried out to date by the Special Liquidators (Project Evergreen) and on the level of investor interest in the other IBRC portfolios currently for sale, NAMA has been advised by the Special Liquidators that the volume of commercial property loans transferring to NAMA could now be substantially less than initially envisaged. It is also considered likely that a large proportion of the commercial property loans which do transfer will be those of debtors with smaller debt exposures," a statement from the Agency said.
"Given the fundamental changes to the size and characteristics of the commercial property loan portfolio now likely to be acquired by NAMA, the NAMA Board has decided to launch a new tender process for the provision of primary and special services on this portfolio."