The Government has issued a tender seeking a valuer for its 'bad bank', following invitations for firms to assess the loans and property collateral it will acquire.
The publication of the tenders is one of the clearest signs yet that the Government is moving closer to launching the National Asset Management Agency to cleanse banks of up to €90 billion of risky property development loans.
The latest tender for the appointment of a derivatives service provider to NAMA was published yesterday evening on the public procurement website.
'It is envisaged that one firm will be appointed to conduct the valuation of derivative positions transferring from all of the participating institutions,' the National Treasury Management Agency, which will oversee NAMA, said in the tender document.
A document published earlier this month indicated the NTMA was seeking to appoint firms to assist in the valuation of other bank assets such as loans and credit facilities to be acquired by NAMA from banks including AIB and Bank of Ireland.
Meanwhile, the Irish Independent writes today that NAMA will control around €3 billion worth of land and property in the US.
It had already been known that around a quarter NAMA's assets would be based in the UK, mainly in London and Northern Ireland.
