What are the four new Nama allegations made by Wallace?

Independent TD has described that State-owned property firm as ‘secret society’

Mick Wallace TD has claimed a construction company made two cash payments to exit National Asset Management Agency.


Independent TD Mick Wallace has made a further four allegations under Dáil privilege, all relating to the National Assets Management Agency.

He described that State-owned property company as a “secret society”.

Ceann Comhairle Sean Barrett intervened several times, protesting that Wallace could not use the Dáil as a “star chamber”.

Taoiseach Enda Kenny told him the appropriate place to bring the allegations were to An Garda Síochána or to the Public Accounts Committee.

The allegations:

1 - He alleged a construction company that wanted to exit from Nama was told by its portfolio manager in the agency that it could only do so if it paid €15,000 in cash to him.

Mr Wallace alleged the money was paid and the manager then sought a further €15,000 after which the matter was settled. He told the Dáil that gave “a small windows into the working of Nama”.

2 - Mr Wallace told the Dáil he wanted to find out the role former secretary general of the Department of Finance John Moran played in Nama’s handling of the Coroin group portfolio.

“This gentleman remarked at one stage that the number of home repossessions was unnaturally low. It appears he was unnaturally interested in playing a significant role in the outcome of the Coroin group,” stated Mr Wallace.

3 - Mr Wallace named a number of wealth management companies including Goodbodys, Anglo Irish, Bank of Ireland, Davys, Warren and Quinlan, and said that prominent barristers, judges and others were involved in syndicates associated with those companies. He alleged Nama had not taken any enforcement action against individuals in those syndicates despite personal guarantees. He said it seemed “the great and good of Irish society were blessed with Nama’s goodwill”, while less prominent people had had their homes repossessed.

4 - At his appearance before the Public Accounts Committee last week, Nama chairman Frank Daly had said the first time he had become aware of the £7.5 million sum lodged by a Belfast solicitor, Ian Coulter, in an offshore account was when it was made public (by Mr Wallace ) this month. Mr Wallace contended in the Dáil that Nama knew about this last January.