Commercial Court makes €2m summary judgement against Mick Wallace

The Wexford TD wanted a full hearing on the matter

Mick Wallace, Commercial Court, summary judgement, Dublin, Ormond Quay, Ulster Bank

Wexford TD Mick Wallace speaks to the media on the plinth of Leinster House | Image:

The High Court has made a €2m judgement against Independent TD Mick Wallace.

The Ulster Bank loan, which was granted in 2009, was assigned to an Irish subsidiary of US investment firm Cerberus.

The construction company M&J Wallace was set up by Mr Wallace's father in 1970, but is now in the hands of a receiver.

In June 2009, it received a €2m from Ulster Bank, but that was later assigned to Promontoria (Aran) Limited, which is a subsidiary of Cerberus - the US investment firm which Deputy Wallace referred to during allegations made in the Dáil about in relation to their purchase of a Northern Ireland loan portfolio from NAMA.

The loan was recalled on foot of a guarantee made by the Wexford TD, and the company sought a summary judgement against him earlier this week.

Deputy Wallace argued the assignment to Promontoria was not valid, and claimed it was too early to make the judgement because he could still reduce his indebtedness when the receiver sells a property on Ormond Quay in Dublin.

However, Mr Justice Brian McGovern disagreed and decided that it was entitled to summary judgement before putting a three month stay on its execution.