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project arrow

WATCH: Mick Wallace accuses Enda Kenny of Nama "cover-up"

Meanwhile, Nama hit back strongly against “unsubstantiated” new allegations made today by Wallace.

Video / YouTube

INDEPENDENT TD MICK Wallace today accused Taoiseach Enda Kenny of being involved in a “cover-up” over Project Arrow – Nama’s sale of €6 billion worth of property.

Calling for a commission of inquiry, during Leaders’ Questions, Wallace claimed the agency had been less than forthcoming while answering questions in the Public Accounts Committee (PAC).

Last Thursday, the PAC examined Project Eagle – Nama’s €1.6 billion sale of its Northern Ireland property portfolio.

We still don’t understand how NAMA can possibly tolerate the idea of selling Project Arrow to Cerberus, who are under criminal investigation in America and Britain.
How in God’s name can that be the case, apart from the fact it makes no sense to sell Project Arrow in any event, given that 50% of it is residential and the country faces a housing crisis?

In response, Kenny encouraged Wallace to bring any information he has before the Committee.

I understand that you have declined to go and give witness evidence to the PAC. I think that you should do that.
You have information or you’ve been given information: somebody is supplying you with information, and that’s fair enough. And you have used some of that in giving it to the authorities.
But you’re making very specific allegations here. I would suggest that you accept an invitation from the PAC…


The Wexford TD then claimed that a “Nama insider based in Dublin” had collaborated with the US investment firm Cerberus Capital Management, to ensure their purchase of the Northern Ireland portfolio.

A spokesperson for Nama later called it “the latest in a long series of unsubstantiated allegations” made by Wallace.

Towards the end of a rowdy exchange in the Dáil chamber, Wallace accused the Taoiseach of “ignoring” questions over the deal, and said he was involved in a “cover-up.”

A commission of inquiry is the only way that you are going to get the answers we need. The Irish people have not been served well by Nama.
It stinks to high heaven, and you are involved in the cover-up because you refuse to do anything about it – you don’t want to know.

Ceann Cómhairle Seán Barrett told Wallace, “You can’t be making allegations like that in the chamber,” but did not call on him to withdraw the statement.

The Taoiseach didn’t directly address Wallace’s allegation, but simply said:

I assume that you’re using the right that you have here, of full privilege, with responsibility.

In an open letter later this afternoon, a spokesperson from Nama strongly criticised Wallace, calling his allegation of collaboration with Cerberus “unsubstantiated.”

Your most recent allegation against Nama, like those before, has been made under Dáil privilege and, as of yet, without you producing a shred of supporting evidence.
At no stage have you brought any of these allegations to the attention of Nama or given the Agency any opportunity to respond to them.
As a matter of fact, I can assure you that the assets purchased by Cerberus from NAMA were sold after an open market sales process.

The Department of the Taoiseach did not respond to’s request for comment for this article.

Comments are closed on this article because of ongoing legal proceedings

Read: Wallace claims about ‘Project Eagle’ trashed by Nama as “utterly disingenuous”>

Read: Peter Robinson strongly denies explosive new allegations about Nama deal>

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