Mick Wallace believes banks will seize Italian flat 'at some stage'
Published 16/11/2012 | 05:00
TAX cheat TD Mick Wallace has said he believes his Italian apartment will be taken from him by the banks.
The Dail deputy also revealed that he never invested in a pension while running his multi-million-euro property company during the Celtic Tiger.
He said he is not planning to bow out of the Dail at the next election despite an off-the-cuff comment at a recent meeting in his home town that he would be mad to stay in politics.
But his "gut feeling" is that he would be returned to his seat if he contested the next election.
"My gut feeling is that I would be," he said. "I can't know that. If I lost my seat I think it's fair enough. I would do something different."
Mr Wallace said his recent comment at a public meeting on supporting local business in Wexford suggesting he would be leaving office was misinterpreted.
"Some guy talked about me making sure I would be in the Dail next time around and I said I didn't know if I would be mad enough to stand again," he said on the 'Ray D'Arcy Show'.
The independent TD also revealed that he never invested in any pension during his years as a multimillionaire.
"I never took out a pension in my life. The banks would have taken out life assurance against loans but, to be honest, any money I had I always pumped it into the company."
In the frank interview, he insisted he had sold his Italian vineyard to his brother Joseph Wallace as he owed him money for building materials.
He also said he expects the banks to take away his personal assets, such as his Italian apartment, in the future. "Any personal assets I do have there are bank guarantees with four banks and they will take anything they see worthwhile.
"I sold the vineyard to my brother, who has a hardware business, who I owed €550,000 for building materials. It probably wasn't worth it.
"I have an apartment in Turin and only the banks can take it. They probably will take it at some stage."
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