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Monday 11 December 2023 Dublin: 9°C
Sam Boal/Photocall Ireland
assets sale

Nama wants to set the story straight on the Mick Wallace allegations

It says there have been “serious errors” in how the situation is being reported.

THE PSNI HAS begun a criminal inquiry into allegations made about Nama – and Nama has moved to clarify what it says are “serious errors” in the reporting of the story.

The story emerged when Independent TD Mick Wallace alleged that a politician may have benefited from the sale of Nama’s Northern Ireland loan book (Project Eagle) to US private equity firm Cerberus.

Wallace claimed that the portfolio was sold for €1.5billion despite having been worth €4.5b. Today, Nama said in an email to reporters that the assets were sold “for exactly what they were worth and not a cent less”.

Nama said that the assets may have been worth more “years earlier”, but their fall in value was due to the property crash.

It also said there is “no truth” to the suggestion that £7m of the sale proceeds ended up in an Isle of Man bank account, saying Nama received the full proceeds from this sale. It said the origins of that £7m are not Nama.

Wallace claimed this £7m was “reportedly earmarked for a Northern Ireland politician”.


This week, an assembly committee in Northern Ireland has been discussing Wallace’s allegations. Wallace had declined the opportunity to appear before the Dáil’s committee of public accounts on what he said. The PAC meets today at 9.30am to discuss the issue.

Yesterday, the PSNI said it has launched a criminal inquiry into Wallace’s allegations.

“We believe that there is sufficient concern in relation to potential criminal activity, surrounding this property deal, to instigate an investigation,” ACC Kerr from the Crime Operations unit said.

Nama said today that the PSNI is investigating the purchase of the assets, and not the sale, describing this as “a critical difference”.

TDs Michéal Martin and Gerry Adams have both called for a commission of investigation to be established into the issue.

Read: Police launch criminal investigation into Nama deal>

Read: Police launch criminal investigation into Nama deal>

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