Wallace wants sale of €8.4bn worth of Nama loans suspended
Independent TD Mick Wallace has today called for the suspension of the sale of €8.4bn worth of loans by Nama.
The Wexford TD claimed that 'Project Arrow' contains around 500 mainly non-performing loans and that the manner in which Nama is selling them means it is only likely a "faceless" US vulture fund would buy them.
Statement: Government must act now to halt #NAMA sale of €8.4bn Project Arrow - http://t.co/bXAq45GnyS
— Mick Wallace (@wallacemick) July 22, 2015
"I believe that our Minister for Finance Michael Noonan must immediately act and suspend the sale of Project Arrow before it's too late," he said.
"This must be the first response, along with bringing in the necessary independent expertise to establish what has been happening in Nama and what is the best way forward for the people of Ireland."
In a statement, he said that as 90% of the loans relate to Irish real estate, this would drive many medium-sized businesses to the wall as the new owners chase down the loans.
"We really do need an Independent Commission of Investigation, now, rather than later," he stated.
