Nama selects Australian firm to manage €1.8bn loan portfolio

The National Asset Management Agency (Nama) has selected an Australian financial services firm to manage a €1.8 billion portfolio of loans it plans to acquire from the liquidators of Irish Bank Resolution Corporation (IBRC).

The agency said today it had chosen Pepper Asset Servicing, which specialises in asset management services, as its preferred bidder following a tender process.

The IBRC portfolio is made up of personal loans, principally residential mortgage loans.

Nama said the portfolio could potentially comprise loans with a total value of €1.8 billion, depending on the extent to which loans are sold by the special liquidators during the current sales process.

The appointment of Pepper Asset Servicing remains subject to agreement on contractual terms, Nama said.

The Irish arm of Pepper Asset Servicing was established in September 2012, and employs 170 staff in Dublin and Shannon.

It is part of the Pepper Group which has its headquarters in Sydney, Australia and which specialises in lending, advisory and asset management services.

The sale of assets worth more than €22 billion by the liquidators of the IBRC is due to be completed by the end of the year.