Sunday 11 December 2016

It's not often I agree with Wallace - but Nama should hold fire on Project Arrow

Published 29/10/2015 | 02:30

Independent TD Mick Wallace
Independent TD Mick Wallace

Project Arrow. The name could have been lifted from an adventure story in those boys' comics that were popular years ago - the kind my older brothers used to read by torchlight under the bedcovers, and trade with their friends.

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In fact, it's code - adopted for confidentiality purposes - for a tranche of property loans in the process of being sold by Nama, somewhat controversially, to US company Cerberus. The reason for rumbling disquiet is because a previous deal with venture capitalists Cerberus is currently under criminal investigation in a number of jurisdictions.

There is no suggestion of wrongdoing by either Cerberus or Nama. But there are misgivings that something shady happened during Nama's sale of its massive Northern Irish loanbook last year - as suggested by the discovery that £7.5m from the transaction was creamed off into an Isle of Man bank account.

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