The National Asset Management Agency is to re-tender a contract relating to IBRC loans after it found that the portfolio it would acquire was to be smaller than expected.

In July 2013, NAMA selected Certus as its preferred bidder to provide services in respect of the loans that IBRC’s special liquidators would transfer to the agency at the end of the bank’s winding down process.

However NAMA has said that the number of loans left to be transferred could now be “substantially less than initially envisaged”.

This was based on the number of sales carried out to date by the liquidators, as well as the level of interest shown in properties currently for sale.

Last week Minister for Finance Michael Noonan told the Oireachtas Select sub-Committee on Finance that IBRC’s liquidators were likely to sell “at least half” of the €12.6 billion loan book that was held by the institution.

NAMA said it had previously expected loans with an aggregate nominal par debt value of €20 billion to be transferred to it by the liquidators.

However, given the “fundamental changes to the size and characteristics” of the portfolio it was now likely to acquire, it had now decided to launch a new tender process for the provision of services in relation to it.

The agency said it expected to issue tender documents in relation to this tomorrow.