Auditing services

National Treasury Management Agency

Title attributed to the contract by the contracting authority: Appointment to a panel for the provision of Loan and Associated Valuation Services to NAMA. On the direction of the Minister for Finance, the NTMA is seeking to appoint a number of suitably qualified firms to advise and assist the NTMA (and on its establishment, NAMA) in carrying out valuations of bank assets (i.e. loans and other credit facilities) to be acquired by NAMA. It is envisaged that individual firms will be appointed to conduct loan valuations for each of the participating institutions. Service providers appointed will be expected to: A. Interact closely with participating institutions in order to extract key data items specified by NAMA and required in order to carry out bank asset valuations. A key component of bank asset valuations will be current market valuations of real estate and other property comprised in the security and collateral for loans – this information will be provided by NAMA. B. Co-ordinate with the solicitors appointed by NTMA to conduct legal due diligence on bank assets. Based on the outcome of such legal due diligence, appropriate discounts (to be agreed with NAMA) will be applied to asset values where the due diligence process has identified material defects in the security or underlying real estate. C. Determine bank asset valuations based on a methodology and assumptions to be provided by NAMA and including the following inputs: — Current market valuations of underlying assets, — Net present value of asset income streams, — Funding costs and risk margins, — Long-term price/yield trends, — Macroeconomic and demographic projections, — Discount rates. Service providers will be required to utilise market-accepted methodologies to value projected cash flows on credit facilities. D. Service providers will be required to work closely with an Audit Co-ordinator appointed by NTMA. The Audit Co-ordinator will collate valuation and due diligence data received from NAMA service providers and the participating institutions in respect of loans, collateral and associated derivatives. The Audit Co-ordinator will conduct audits of valuations provided by service providers in order to ensure consistency in the application of methodologies and in the assumptions used. E. Service providers will be expected to provide a certificate to NAMA on completion of all valuations which confirms that the valuations have been carried out on the basis of the methodology and assumptions provided by NAMA and represent a fair assessment of the current market value of such assets. To register your interest in this notice and obtain any additional information please visit the eTenders Web Site at http://www.etenders.gov.ie/Search/Search_Switch.aspx?ID=92579.

The time limit for receipt of tenders was 2009-08-28. The procurement was published on 2009-08-08.

• • National Treasury Management Agency

• • Auditing services › Financial auditing services

• • Éire/Ireland