The Government has issued a tender seeking a derivatives valuer for its “bad bank”, following invitations for firms to assess the loans and real estate collateral it will acquire, tender documents have shown.
The publication of the tenders is one of the clearest signs yet that the Government is close to launching the National Asset Management Agency (Nama) to remove up to €90 billion ($127 billion) of performing and under-performing development loans.
The latest tender for the appointment of a derivatives service provider to Nama was published last night on the public procurement website etenders.gov.ie.
“It is envisaged that one firm will be appointed to conduct the valuation of derivative positions transferring from all of the participating institutions,” the National Treasury Management Agency, which will oversee NAMA, said in the tender document.
A document published on August 5th indicated the NTMA was seeking to appoint firms to assist in the valuation of other bank assets such as loans and credit facilities to be acquired by NAMA from banks including Allied Irish Banks and Bank of Ireland.
A tender on July 31st was seeking real estate valuers to assist NAMA, including some in Britain and the United States.
The Government last month published draft legislation giving Nama wide powers to deal with the legacy of a devastating property crash but it will only give clues on costs and its valuation method when the Dail debates it from September 16th.
Reuters