The National Asset Management Agency has selected Pepper Asset Management as its preferred bidder to provide services on the portfolio of personal loans, mainly home mortgages, which it may buy from the Special Liquidators to IBRC.

This follows a competitive tendering process which was launched in September.

NAMA says the portfolio could potentially comprise loans worth €1.8 billion, depending on the extent to which loans are sold by the Special Liquidators during the current sales process. 

The appointment is subject to agreement of contractual terms. 

Pepper Asset Servicing employs 170 staff in Dublin and Shannon. It is part of the Pepper Group which has its headquarters in Australia and which specialises in lending, advisory and asset management services.

Earlier this year, Danske Bank appointed the firm to provide special servicing and asset management on a 270-stong Irish commercial property portfolio.