Friday September 18, 2020

Wallace owes more than €40m to banks

Newly-elected TD Mick Wallace has estimated his property interests have fallen in value from almost €80 million during the boom to little more than €20 million in the current market.

19th March, 2011

Newly-elected TD Mick Wallace has estimated his property interests have fallen in value from almost €80 million during the boom to little more than €20 million in the current market.

Wallace’s building company, M&J Wallace, owes more than €40 million to four banks, and he admitted there would be a major shortfall if they decided to demand repayment. The majority of the money is owed to three foreign-owned banks, ACC, Bank of Scotland (Ireland) and...

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