Off-Shore Bank Accounts and NAMA (NI)

Mick Wallace TD is the mop-haired Independent TD for Wexford. Today he opened a veritable can of worms – and the story is beginning to break on this evening’s bulletins on the BBC.

Wallace today revealed in Tánaiste Questions in the Dail that Northern Ireland law-firm Tughans allegedly, according to Wallace, held a £7m Isle of Man bank account “reportedly earmarked for a Northern Ireland politician or party.”  Tughans was the law-firm acting for Cerebus Capital Management, the private equity firm that acquired NAMA’s Northern Ireland loan-book (that had a par value of £4.5B) for £1.5B.

On Twitter this evening people are speculating as to whether this strange bank account is in any way linked to a surprise resignation from Tughans earlier in the year. No doubt, we’ll find out soon.

Mick Wallace, helpfully, has included the entire Dail exchange and video sequence on his blog.

Free market libertarian. Businessman. Small government advocate. Former Vice-Chair, Conservative Party in NI. Fellow, Institute of Economic Affairs. Former Regional Chair, Business for Britain (the business voice of VoteLeave).