AIB set for big loss on €4m loan to Wallace

AIB is set for a major loss on the €4m it loaned Independent TD Mick Wallace to purchase a site in Dublin.

This follows the receiver to sites formerly owned Wallace’s M&J Wallace Ltd, Gerry McInerney, securing €510,000 from the sale of the site at Morean Rd, Walkinstown, in Dublin.

According to a receiver’s extract lodged by Mr McInerney with the Companies Office, the site sold on March 3 to O’Connor Cabins Ballisodare Ltd.