NAMA announcement on IBRC loans welcomed

Tuesday 19 March 2013 21.17
NAMA will appoint Capita Asset Services to manage the loans
NAMA will appoint Capita Asset Services to manage the loans

The Irish Bank Officials Association has welcomed the confirmation by the National Asset Management Agency that it will take on the assets held by the liquidated IBRC.

The agency said it would appoint Capita Asset Services to manage the assets.

NAMA said it would not acquire loans from IBRC - formerly Anglo Irish Bank and Irish Nationwide - that were made to employees, ex-employees or former directors.

The IBOA’s General Secretary Larry Broderick said the confirmation was a positive development “in that it will secure employment for some of the existing IBRC staff in either NAMA, Capita or another approved loan service provider.”

In a statement, the special liquidators, Kieran Wallace and Eamonn Richardson of KPMG, said they would work closely with NAMA and Capita to ensure a smooth transition of assets.

"It is envisaged that, as a result of this transition, new employment opportunities will become available in NAMA and Capita," the statement said.

However he said there was still uncertainty around staff that will be made redundant and the organisation has sought further meetings with the special liquidator and NAMA “to consider the implications of this latest announcement.”