Last week NAMA issued a statement detailing its plans in relation to existing loans being managed by the Special Liquidators of IBRC and any new loans to be acquired from the Special Liquidators. In relation to the existing loans NAMA will appoint Capita Asset Services as its primary and special loan servicer. This extends Capita's contract to include the NAMA loans that had been managed by IBRC until now. Capita is currently contracted as master servicer to NAMA, which involves the gathering of detailed loan information from the participating institutes. In relation to new loans, NAMA are to acquire loans which have not been sold after the Special Liquidators have completed their current valuation and sales process. It is believed the Special Liquidators will sell what they can on the markets and hand the balance over to NAMA. It is expected that these loans will be acquired on a phased basis. NAMA will only know how much if any of the loans it is getting once a formal sale process is closed. In order to deal with these loans NAMA has issued a Request for Proposals (RFP) on the www.etenders.gov.ie website seeking two service providers to take over primary and special loan servicing on two types of loans:

• Commercial property loans, residential investment and development loans and business banking loans (referred to as Portfolio A in the RFP); and
• Personal loans, principally residential mortgage loans (referred to as Portfolio B in the RFP).

NAMA have stated that they plan to recruit staff from IBRC who will be employed by one or other of NAMA, Capita or the new loan servicers. If you have got any questions, we are here for you. Let us know in the comments below.