AIB lands €1.19m from Mick Wallace property sales

AIB has now pocketed €1.19m from the sale of properties formerly owned by Mick Wallace TD’s main building firm around Dublin, documents show.

The bank recently got €150,000 from the €157,500 sale of Mr Wallace’s M&J Wallace Ltd third Temple Bar apartment and €31,980 in rental income from his firm’s portfolio.

M&J Wallace had owned four Temple Bar apartments when AIB appointed Gerry McInerney of McInerney Saunders of Swords as receiver to certain assets of the company in 2012.

The new documents show that Mr. McInerney recently oversaw the third sale of an M&J Wallace Temple Bar apartment.

To date, Mr. McInerney has realised €695,000 from the sale of the three apartments — the four apartments at 43 East Essex St have an estimated value of €1m.

The documentation shows that AIB received €150,000 in the latest six-month period of the receivership and this followed prior distributions of €303,000, €250,000, and €490,000.

To date, Mr McInerney has received €1.5m in income from the receivership. The apartment at 43 East Sussex St was part of a group of four apartments that once had a value of €2.5m.

In total, during the last six month period from September 25 to March 24 of this year, Mr McInerney received €186,840 made up of €154,860 from the sale of the apartment and €31,980 from rental income.

In 2014, AIB absorbed a major loss on the €4m it lent to Mr Wallace to purchase a site in Dublin.

This followed Mr McInerney securing €510,000 from the sale of the site at Morean Rd, Walkinstown, in Dublin 12. At its peak, Mr Wallace’s construction business was worth €80m.

The filings also show two former M&J Wallace commercial units at No 3 and 6, Quartiere Bloom, Lower Ormond Quay, Dublin 1 are valued at €520,000 with office units at the same address valued at €300,000.

In 2011, ACC Bank appointed its own receivers to a number of other Wallace properties.

In 2012, the Independent Wexford TD admitted under-declaring €1.4m of VAT paid to M&J Wallace.

Mr Wallace has previously said he owes €40m to various banks. These are understood to include Ulster Bank, AIB, and Bank of Scotland Ireland, as well as ACC.


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