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NAMA plans to outsource loans

NAMA plans to outsource two categories of loans that it is taking over from the IBRC 'special liquidators'.

The so-called 'bad bank' said that one will go to Capita Asset Services and another is going to tender.

And it said that a large chunk of former workers at Anglo Irish Bank – now IBRC – will be employed by NAMA, Capita or the new loan servicers.

It is also to set up a special purpose vehicle (SPV) – the National Asset Resolution Ltd (NARL) – to deal with loans taken out by employees, ex-employees and former directors of IBRC.

NAMA is due to acquire those loans that have not been sold after the special liquidators have completed their valuation and sales process.

It is expected that IBRC loans will be acquired from the special liquidators on a phased basis.

NAMA has published a request for proposals for two service providers to take over primary and special loan servicing on two distinct types of loans that may be acquired by NAMA under the IBRC Act 2013.