THE National Asset Management Agency (Nama) has appointed Societe Generale Securities Services to value derivative instruments the agency will assume from banks it buys loans from. The French bank was one of 24 companies that applied to Nama for the role.
It is believed that most of the derivative positions Nama will inherit when it finally takes over the loans next month relate to interest-rate swaps. Nama has also appointed a 65-member panel of law firms to provide it with legal advice as the €77bn of toxic property loans are transferred to the agency. The panel includes Matheson Ormsby Prentice, William Fry, Ronan Daly Jermyn, Vincent & Beatty, Ivor Fitzpatrick, Eugene F Collins, Eversheds O'Donnell Sweeney, LK Shields and Maples & Calder.
Nama has already hired estate agents in Ireland, the UK and America to value the loans. It is also seeking consultants to scrutinise developers' business plans.