Based on the terms of the agreement, the lender will serve as administrator, drawdown notification agent, account bank, cash manager and issuance paying agent to BlueBay, which will offer loans to small and medium-sized businesses in Ireland.
In this new mandate, the US financial company will also serve as a facility loan agent for the borrowers in the project.
BlueBay Asset Management Irish investments head Pat Walsh said, "This vehicle will originate term loans to Irish companies and is also able to acquire existing loans from banks that may be seeking to exit the Irish market."
As per December 2012 budget announcement by Irish finance minister Michael Noonan, the investment vehicle was launched in June with a capital of €450m, to fulfill funding needs of SMEs, who have been struggling to raise capital since the financial crisis.
BNY Mellon launched its first office in 1994 and has 1,800 staff in Ireland, working at locations in Cork, Wexford and Dublin. It delivers carious services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates.
