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NAMA Tender Delays


johnfás

Well-known member
Joined
Feb 22, 2007
Messages
2,727
What is delaying the process of making the outstanding appointments? The initial appointments were made with plenty of speed but the whole process appears to have stalled.

---

The Following Tenders have been Completed

Banking & Financial Advice - HSBC
Tender Closed 25 May, Appointed 12 June - 17 days later.

Tax Advisory Services - PWC
Tender Closed 29 May, Appointed 12 June - 13 days later

Legal Advice - Arthur Cox
Tender Closed 8 June, Appointed 18 June - 10 days later

---

The Following Tenders have not yet been Completed

Loans Services Provider -
Tender Closed 28 July - 84 days ago

Legal Due Diligence -
Tender Closed 26 August - 55 days ago

Valuer Panel -
Tender Closed 24 August - 57 days ago

Audit Coordinator -
Tender Closed 27 August - 54 days ago

Loan & Associated Valuation Services -
Tender Closed 28 August - 53 days ago

Derivatives Valuation Services -
Tender Closed 8 September - 42 days ago
 


DCon

Well-known member
Joined
May 5, 2009
Messages
5,901
maybe the brown envelope discussions are taking longer than expected.
 

johnfás

Well-known member
Joined
Feb 22, 2007
Messages
2,727
Why does NAMA need tax advise?
There are taxation issues in most international transactions - a large proportion of the properties in question are outside of the jurisdiction so taxation advice would be required.

Depending on the legal construction of NAMA they might also be liable to pay tax on certain activities.

There are taxation issues present in most small enterprises, let alone large ones - it is unsurprising.
 
Joined
Oct 12, 2009
Messages
8
i bet mark duffys nama will run at twice the profit, and only take on half the loans.


because anything that is gravy train led in this country at the minute, normally involves corrupt unions sticking their fingers in the pie, costing the private sector tax payer another few billion, so namas chances of speed and efficency are very limited thanks to david begg, and jack o connor ,and their degrees as "economists" with a further degree in ****************************************ting!
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
9,547
Problem is the Brits have not done a NAMA so they have nothing to copy their model on other than Sweden and Japan would be like normal if the Brits had done all the legislation, just a few copies in Irish to do.
 

johnfás

Well-known member
Joined
Feb 22, 2007
Messages
2,727
Problem is the Brits have not done a NAMA so they have nothing to copy their model on other than Sweden and Japan would be like normal if the Brits had done all the legislation, just a few copies in Irish to do.
That's got nothing to do with closing tenders. The terms of the tenders would already have been defined when they went out for tender. What I am asking is why the first few tenders were completed within 2 weeks and then suddenly we hit a brick wall.

How on earth do they expect there to be a valuation of tens of thousands of loans, in a reasonable time fram, when a valuer has not even been appointed yet?
 
Last edited:

Eamonn76

Member
Joined
Aug 26, 2009
Messages
54
Lets take our time and let the market fall a bit more. It will save us billions. There is no need to sprint to our execution. Nama tenderers - take it slow.
 

johnfás

Well-known member
Joined
Feb 22, 2007
Messages
2,727
Still no word on these tenders.... how can we expect the valuation process to occur any time soon when valuers have not even been appointed?
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,908
What is delaying the process of making the outstanding appointments? The initial appointments were made with plenty of speed but the whole process appears to have stalled.

---

The Following Tenders have been Completed


Legal Advice - Arthur Cox
Tender Closed 8 June, Appointed 18 June - 10 days later


---

The Following Tenders have not yet been Completed


Derivatives Valuation Services -
Tender Closed 8 September - 42 days ago
Golly, Arthur Cox appointed within 10 days? Mmm the words "conflict" and "interest" spring to mind.

Ah and the good old derivatives. Nothing like 'em. I bet you a 54 Billion Collaterialised Debt Obligation derivative that someone who used to work in either Goldman Sachs or J.P. Morgan gets that job. (A 60 Billion Euro credit default swap has been arranged should that bet fail).

Easy money....
 

MsAnneThrope

Well-known member
Joined
Apr 8, 2009
Messages
1,812

MsAnneThrope

Well-known member
Joined
Apr 8, 2009
Messages
1,812
NAMA is looking for more tax advisers, particularly in the area of "multi-jurisdictional" advice.

Tender Title: Multi-jurisdictional tax advice and tax compliance services to the National Asset Management Agency
KPMG and Deloitte & Touche join PWC in offering NAMA "multi-jurisdictional tax advice and tax compliance services". 17 companies submitted bids for the work but only these 3 will share the pie, it seems.

NAMA Contract Award, April 2011: Multi-jurisdictional tax advice and tax compliance services

KPMG: Private Client Services:

KPMG’s Private Client Services practice advises family businesses and high net worth individuals/executives on managing and enhancing shareholders’ and individuals’ wealth through an integrated planning approach in the areas of income, corporation tax, pensions, wealth transfer taxes and evaluation of wealth management strategies.

How We Can Help

  • Controlling wealth transfers to the next generation
  • Structuring family business transitions
  • Advising on cash/asset extraction from family companies
  • Advising on income, capital gains, and inheritance tax issues with offshore residence
  • Structuring asset acquisitions abroad
  • Advising on corporate tax for family companies
  • Long term tax planning
  • Advising on the use of Trusts and structuring Wills
  • Tax compliance.
PWC Ireland: Private Clients

Following recent market turmoil the focus is now on re-structuring investments to protect assets and capitalising on investment and tax planning opportunities around low market valuations. [...]

Preservation of savings and wealth is a very real concern for all our clients at present [...] The aim of our wealth advisory service is simple: to protect and manage your wealth.
Deloitte Ireland: Wealth management & asset protection

We can advise on asset protection solutions available to individuals and families. Our services include advising on the use of trusts, both domestic and foreign; family partnerships; asset holding structures such as parallel companies and unlimited companies [...]

We can advise you and your family on all areas of succession planning, including the tax efficient transfer of your assets and/or business to the next generation
Now if we were living in a banana republic you might be right to be concerned, but fortunately we live in Ireland and we build better, pyrite-free Chinese Walls than Emperor Ming himself!
 

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