Mick Wallace has called on Finance Minister Michael Noonan to suspend the NAMA sale of the €8.4bn Project Arrow fund.

Project Arrow contains some 500 loans, and Wallace argues that selling them in bulk ensures the Irish taxpayer will not be the beneficiary of the sale, but rather a US fund that can afford the sale price and will make a significant profit.

“I honestly think that it has been a mistake. We’ve seen assets sold my NAMA and turned over within two years for a 35-40% profit.

“I think that we’re selling too many of these assets below the real value,” Wallace told Newstalk Lunchtime.

“The more stuff you put in the bag, the bigger you make the portfolio the less you’re going to get per item, that’s a given,” he said.

Wallace warns that a US fund purchasing the loan will mean medium sized Irish businesses who may be contained with the group could be wiped out as their loans are called in.

“These guys are in the business of maximising their purchase, they’ll be merciless,” he said.

A further problem is that the sheer scale of Project Arrow, and its price, means that there is no possibility of an Irish buyer for the loans, Wallace says.

“There’s nobody in Ireland who can buy it – it’s too big.”