As part of the Government’s decision in February 2013 to appoint Special Liquidators to IBRC, it was decided that the National Asset Management Agency (NAMA) would acquire any commercial and residential loans which were unsold after the Special Liquidators had completed a loan valuation and sales process.  The loan valuation process is currently underway and it is expected that the loan sales process will begin shortly. 

Following a competitive tendering process, NAMA announced in July 2013 the selection of a number of service providers as its preferred bidders to manage loan portfolios that it may acquire from the Special Liquidators. In relation to the portfolio of personal loans, principally residential mortgage loans, which could potentially comprise loans with an aggregate nominal par debt value of €1.8 billion, Serco was selected as the preferred bidder. 

However, following issues that have arisen out of the UK Ministry of Justice audit into government contracts held by Serco, and the referral of certain matters to the UK police, along with the timeframes required to prepare for the transition of the loans, the NAMA Board has taken a decision not to proceed to contract completion with Serco.

The Board has decided to launch a new tender process for the provision of primary and special services on the residential loans portfolio.  It will publish early next week, on the www.etenders.gov.ie website, a Request for Proposals (RFP) seeking service providers for this portfolio.  The deadline for receipt of tenders is towards the end of October and a decision as to the preferred bidder will be made as soon as practicable thereafter.

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