NAMA Allegations Third Inquiry Now in Hand


The scandal embroiling Irelands National Asset Management Agency (NAMA) continues to grow.

The issue first surfaced two weeks ago when in the Irish Parliament (Dail) Independent TD Mick Wallace alleged that 10 million Euro (£7 million) had been siphoned off from sales of a massive portfolio in the North. Wallace asserted, without naming him that the monies were destined for a prominent Northern politician and had been deposited in a bank in the Isle of Man

Despite threats since by Wallace to name the politician in question he has not done so although the mystery Isle of Man deposit has been confirmed.

The North of Island – Manx issue is now the subject of two separate inquiries by Northern Ireland’s Finance Committee and the UK’s National Crime Agency. NAMA meanwhile have stressed that there is no police inquiry into their sale of the loans in question. Meanwhile Manx authorities are remaining tight-lipped presumably ‘shell-shocked’ by the fact that dodgy Irish financial deals are being alleged and having believed that their systems set up prior to previous scandals were/are adequate.

Last week Wallace promised new allegations and as NAMA, politicians in Dublin, Belfast and the Isle of Man held their breath did indeed deliver a new expose. However it cast no light of the ‘Manx connection’ but simply broadened the issue out with new allegations about bribery within NAMA itself.

Yesterday it was revealed (see link) that Irish Police are now vigorously pursuing that strand and with Wallace promising yet further assertions Manx authorities must be hoping no further strands of this complex affair weave themselves around banks or institutions in the Isle of Man


J B Moffatt (Mr)

Director of Information
Celtic League



The Celtic League was established in 1961and has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues


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