Monetary authorities said that 25 companies have presented their offers of services in the selection of investment fund managers and securitizers to participate in Central Bank Asset management. Of these, 12 are from the United States, Argentina, Mexico, Puerto Rico and Portugal, according to a Central Bank release. The deadline for the presentation of these offers was 28 February 2005.
In a second phase, the Central Bank now commits to present to the pre-selected firms, by means of a public tender, groupings of specific assets with their respective valuations, for the purpose of receiving a technical and economic proposal for the management and/or acquisition of the asset previously presented, based on the rules to be presented to them at that times. The proposal that fulfills the optimum conditions as stipulated in the terms of reference will then be chosen.
The Central Bank seeks managers of closed investments funds that would be charged with the administration of the various funds that the Central Bank will gradually furnish with assets from the Asset Administration, Management and Realization Program (PROAGRA) of the North Coast Project, assets received from rescued financial entities, assets that the government may receive in the form of contributions to the solution of the deficit, and others that may be assigned for the same purposes.
The securitization companies would be charged with the administration of loan portfolios received by the central Bank from Baninter, Bancredito and Banco Mercantil, once the respective management contracts for said portfolio expire, as well as any other portfolios or accounts receivable outstanding that may be assigned for these purposes.
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