Nama unhappy with ‘unsubstantiated’ allegations from Wallace

Nama unhappy with ‘unsubstantiated’ allegations from Wallace

Nama has hit out at Independent TD Mick Wallace over claims he has made about the agency in the Dáil.

Nama have said in a statement that Deputy Wallace has made “unsubstantiated” claims about them several times under Dáil privilege - without providing a “shred of supporting evidence”.

The agency criticised Wallace saying that his objective is to damage NAMA rather than to establish the truth about the Project Eagle sale.

Nama have asked Deputy Wallace to engage with them or with Gardaí if he has any evidence of impropriety in the sale of the loans on 800 properties in the north.

Mr Wallace accused Taoiseach Enda Kenny of being involved in a “cover-up” by failing to call for an independent commission of inquiry into the allegations surrounding the sale.

The Taoiseach has said that he should appear before the Public Accounts Committee after making the “pretty serious” allegations.

Nama’s correspondence with Mick Wallace TD in full:

Dear Deputy Wallace,

I refer to your most recent unsubstantiated allegation involving NAMA, as reported in the media and made in the Dáil today.

“Mr Wallace claimed in the Dáil that a ‘NAMA insider’ based in Dublin collaborated with US capital firm Cerebus to ensure it secured a major property deal.”

This is the latest in a long series of unsubstantiated allegations made by you relating to NAMA. 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. Furthermore I would point out that no one individual had authority to approve any sale and that only the Board had such authority.

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. I have sent you correspondence coinciding with NAMA’s two most recent appearances at the PAC and have been very open in that correspondence in terms of NAMA’s strong rebuttal of your allegations.

In the interest of fairness and accuracy, I would ask you to engage with NAMA to allow the Agency the right of reply.

If for some reason you are unable to engage with NAMA, I would ask you to refer your allegations, and any proof you may have, to the Gardaí so that they can be properly assessed by a competent authority.

Otherwise, I can only assume that your only objective is to damage NAMA as opposed to establishing the truth of what may or may not have happened at the periphery of the Project Eagle transaction in Northern Ireland.

My contact details are below and I am available to engage with you at any time.


Martin Whelan

Head of Relationship Management

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