CAPITA CONFIRMED AS MASTER SERVICER TO THE NATIONAL ASSET MANAGEMENT AGENCY (NAMA) IN IRELAND
The Capita Group Plc ("Capita") has announced that it has won the contract to act as Master Servicer to the National Asset Management Agency ('NAMA'), in Ireland.
The contract will be administered through Capita Asset Services which is Europe’s largest independent 3rd party commercial mortgage servicer, providing loan administration, facility agent, asset management and special servicing to the banking and securitisation markets. Capita Asset Services has offices in Ireland, UK and Germany.
The contract will include the monitoring and oversight of the Irish financial institutions participating in NAMA in their role as Primary Servicers in the management of thousands of property loans on behalf of NAMA.
In addition, Capita Asset Services will combine its experience in high profile IT solutions with its expertise in commercial loan administration and real estate, to deliver a comprehensive reporting solution that will assist NAMA in key decision making. In so doing, Capita Asset Services will have responsibility for overcoming the complex challenge of achieving uniform and efficient data extraction and transfer across all the participating financial institutions, which utilise disparate systems and banking methodologies.
Commenting on the deal, Robert Hughes, Managing Director of Capita Asset Services said: "We are pleased to have won this contract, especially in the face of fierce competition. By combining the experience and expertise of both Capita Asset Services and the wider Capita Group, we were able to offer a unique solution to NAMA, namely a local partner with the capability, reach and capacity of a global enterprise".
It is expected that it will take NAMA up to ten months to acquire the full portfolio of loans, which is estimated to be in excess of €80 billion.
Capita Asset Services currently manages over £35 billion of commercial real estate loans on behalf of international banks in Europe. It also specialises in large loan default management.
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For further information please contact:
Press enquiries:
Caroline Mooney
Capita press office
Tel: 020 7654 2152 or 020 7654 2399 (out of hours)
Email: caroline.mooney@capita.co.uk
Capita Asset Services is part of Capita Fiduciary Group, which provides an extensive range of sophisticated trustee, corporate, fund and ancillary services to a wide range of institutional, corporate and private clients worldwide. Loan and Asset Services are provided under the Capita Asset Services brand. Their professional and committed employees possess diverse experience, backed by efficient business processes and technology to provide a convenient and client focused service. Capita Fiduciary Group is part of The Capita Group Plc.
The Capita Group Plc is the UK's leading provider of BPO and integrated professional support service solutions. With 36,000 people at more than 300 sites, including 59 business centres across the UK, Ireland, the Channel Islands and India, the Group uses its expertise, infrastructure and scale benefits to transform its clients’ services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE100 with revenues for 2009 of £2,687 million. Further information on The Capita Group Plc can be found at: http://www.capita.co.uk