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NTMA defends 13-day deadline for Nama tenders as ‘adequate’
17 May 2009 By Richard Curran
The National Treasury Management Agency (NTMA) has defended the 13-day deadline for tenders for advisory work on the National Asset Management Agency (Nama).
The tender document for a raft of advisers, including financial, planning and valuations work, was advertised on May 12 with a closing date for tenders, including the pricing structure for the work, of May 25.
One prospective bidder for work said the time frame was ‘‘unusually short’’. ‘‘For example, there is a tender sought this week for a €20,000 landscaping survey for a county council, where bidders were given almost one month’’, one prospective bidder said.
The NTMA said the time frame ‘‘is considered adequate given the nature of the general advisory services sought’’ and the need to ensure that NTMA has available, at an early date, the experience required to advise in relation to the issues it identifies.
The NTMA also said there had been no indication from any prospective service providers that the time frame is considered insufficient.
Speaking in London last Friday finance minister Brian Lenihan said it was important to get the establishment of Nama right and he did not want to rush it.
The tender documentation states that advisers to any of the six banks covered by the state guarantee are prohibited from being hired because of a conflict of interest. However, it does not expressly exclude advisers to property developers.
In response the NTMA said tenderers are obliged to disclose in writing to the NTMA any potential conflicts of interest that they may have. ‘‘It will be for the NTMA to determine whether the conflict or potential conflict disclosed should lead to the exclusion of the tenderer from the tender process."
The tender document seeks advisers to assist in the establishment of Nama, including, ‘‘an analysis of eligible assets, development of an appropriate valuation methodology for the assets and recommendations on how relationships with participating banks and other stakeholders should be managed on an ongoing basis’’.
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