THE NATIONAL Asset Management Agency (Nama) is today due to announce the winner of a tender to provide legal services to the State body, which is being charged with managing the toxic property loans of Irish-owned financial institutions.
Sources indicated last night that leading Dublin-based law firm Arthur Cox was set to be selected as the winner of the tender, but this could not be confirmed.
Arthur Cox advised the Government recently on the nationalisation of Anglo Irish Bank.
No comment was available from either Arthur Cox or Nama yesterday.
A spokesman for the Department for Finance said it was a matter for Nama and the National Treasury Management Agency (NTMA), which has responsibility for the establishment of Nama.
A large number of leading Irish and international law firms are believed to have expressed an interest in the legal services contract, which was advertised by the NTMA on March 29th.
These included the Big Five law firms in Ireland – AL Goodbody, Matheson Ormsby Prentice, William Fry, McCann Fitzgerald and Arthur Cox.
The companies were given a tight deadline of June 6th to submit their tenders, with today selected as the date on which the successful firms was “likely to be appointed”.
Nama has already selected HSBC Investment Bank to provide banking and financial advice, and PricewaterhouseCoopers to provide tax advisory services.
Nama’s establishment was announced by Minister for Finance Brian Lenihan in the supplementary budget in April.
This followed a recommendation from consultant Dr Peter Bacon.
In May, Mr Lenihan appointed Brendan McDonagh as interim managing director of Nama. Mr McDonagh was director of finance, technology and risk at the NTMA.
Nama will purchase the impaired property loans from the banks through the issue of Government bonds. This debt will be repaid from funds raised through the sale of these assets over a period of time.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)