MAY118125 - Provision of Tax Advisory Services to National Asset Management Agency

On the direction of the Minister for Finance, the NTMA is seeking to appoint a tax adviser to provide tax advice in relation to the establishment of NAMA and to assist NTMA in its preparatory work in structuring NAMA, including the framing of governing legislation (the “Services”). The NTMA has identified the following specific issues that should be addressed:- Examination of tax implications both domestically and abroad depending on whether NAMA is created as a statutory body corporate (commercial or non commercial) or as a State owned company with capital structure.- Multi jurisdictional issues:- it is anticipated that loans originated in and/or secured by assets located in several jurisdictions will be transferred to NAMA. - borrowers may be domiciled and income may be receivable in several jurisdictions.- participating banks operate through branches and subsidiaries in several jurisdictions.- loan agreements and security documents may be governed by the laws of, and subject to the jurisdiction of, courts/tribunals in several jurisdictions. - Optimal tax status and treatment of NAMA as mortgagee, in the context of enforcement and subsequent dealings with underlying security, including property disposals. - Tax charges arising on or out of the transfer of assets to NAMA.- Tax charges arising on or out of loan management by NAMA which should include disposal, borrowing, making of further advances, new advances, and providing vendor financing, securitisation, joint ventures and promotion of investment vehicles.- Potential for use of SPV structures for the transfer of assets or post transfer segregation of assets.- Potential use of participating banks’ SPVs to warehouse and/or manage transferred assets.- Tax implications concerning NAMA’s use of service providers (including the participating banks) domestically and abroad.- Examination of legislative provisions to facilitate intermediate and final exit mechanisms and securitisation options.- Understanding of the cu

Works

29/05/2009 16:00:00