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Wallace prepares to unveil more details of Nama deal

Independent TD Mick Wallace has said he was yet more revelations to make over the Nama sale to Cerberus
Independent TD Mick Wallace has said he was yet more revelations to make over the Nama sale to Cerberus Independent TD Mick Wallace has said he was yet more revelations to make over the Nama sale to Cerberus

INDEPENDENT TD Mick Wallace has indicated he will make new revelations this week in relation to the Nama scandal.

The Wexford politician first raised concerns in the Dail more than a week ago about the discovery of £7m in an Isle of Man bank account.

Mr Wallace has so far refused to elaborate after using parliamentary privilege to claim that a northern politician may have been an intended beneficiary of the money.

He has instead called for an independent inquiry into the £1.3bn property deal between Nama and US firm Cerberus for its northern loans portfolio and claims information he will unveil this week will support that view.

It is understood he plans to release the material during leaders' questions on Wednesday.

He criticised the Dail's public accounts committee which he claimed was incapable of adequately probing the Nama-Cerberus deal.

Mr Wallace said it was "impossible for the Comptroller and Auditor General and the PAC to hold Nama to account for every property deal".

“It just does not have the ability or the mechanisms to conduct thorough investigations. It is limited in its remit," he said.

"If I was on the PAC I would not be able to hold Nama to account either. If I was on it, I would not be able to put the questions that need to be answered.

“We need an independent inquiry that is comprehensive and forensic. We require something that looks into the general operations of Nama," he told The Irish Times.

Nama chairman Frank Daly appeared before the PAC last week and revealed had another New York investment fund, Pimco, been successful in its bid for the property loans, £15m in fees were due to be split between former Nama advisor Frank Cushnahan, American law firm Brown Rudnick and Belfast lawyer Ian Coulter.