IBRC loans servicing up for tender

Nama has put up for tender the servicing of two loan portfolios it will obtain through the acquisition of the IBRC loanbook later this year.

One of these portfolios consists of property loans, residential investment and development loans and business banking loans. The other portfolio consists of the residential mortgages IBRC took on through its acquisition of Irish Nationwide Building Society.

The deadline for applications is Apr 30. Nama said that following an evaluation process, two loan service providers will be appointed within two months of that date.

The agency will appoint Capita Asset Services to service the loanbook which is currently being managed on its behalf by the special liquidators/IBRC. Nama had roughly 200 employees at IBRC managing a loanbook before it was liquidated.

As part of the measures taken on Feb 9 to restructure €28bn in promissory notes, it was decided to liquidate IBRC, which was responsible for running down Anglo Irish Bank and Irish Nationwide Building Society. It had been speculated that Nama would look to offload the mortgage book.

Nama said in a statement that it plans to recruit staff from IBRC to work in conjunction with the service providers for both portfolios that are being outsourced. They will provide, credit, legal, treasury, finance and accounting services.

The special liquidators, Kieran Wallace and Eamon Richardson from KPMG, said in a statement. “The special liquidators will be working closely with Nama and its appointed loan servicer (Capita Asset Services) to ensure a smooth transition of the management of Nama loans within IBRC to Capita. The actual transition of these services will take a number of months to complete. Transition planning will now commence between Nama, the special liquidators and Capita Asset Services and will be communicated to IBRC employees. It is envisaged that, as a result of this transition, new employment opportunities will become available in Nama and Capita.”

“[This] further announcement by Nama, on the issuing of a request for proposals for loan service providers for those loans that may ultimately transfer to the agency following the valuation and sales process being conducted by the special liquidators, is also likely to result in additional employment opportunities within Nama and the appointed loan service providers.

“The special liquidators have informed IBRC staff this afternoon of the NAMA announcements.

“They have also informed IBRC employees not involved in IBRC Nama work that employment contracts on existing terms are being extended to Aug 7, 2013, with one months’ notice thereafter.”