NAMA: Even if there's a 'happy ending' the damage to the IOM has been done

This news published by the Celtic League:

NEWS FROM THE CELTIC LEAGUE

NAMA: EVEN IF THERE'S A ‘HAPPY ENDING’ THE DAMAGE TO THE IOM HAS BEEN DONE

This week Mick Wallace TD has once again threatened to reveal more details to support allegations he made in the Dail ten days ago about the alleged deposit of £7 million pound in a Manx bank account and his assertion that it was destined for a politician in the North of Ireland.

Wallace says his new evidence will support for a wide ranging enquiry into NAMA the body set up by the Dublin government following the economic collapse to handle billions of pounds of bad debt. NAMA sometimes referred to in the Irish media as the Governments ‘bad bank’ but if Wallace is to be believed things have gone from bad to worse.

The original revelations have already spawned an inquiry in the UK by the National Crime Agency meanwhile in the Isle of Man no word as yet of any action by the FCU or other regulatory bodies and no clue as yet to the identity of the bank. Indeed as politicians and police forces North and South in Ireland make comment in Mann there’s simply a stony silence!

There are a number of plots and sub plots running in this story.

Wallace would seem to have an agenda aimed at focusing on NAMA and the way it has handled its brief. The reason Wallace and many of the other (newer) TDs found themselves in the Dail was because, post the economic collapse, people in Ireland were fed up of the ‘old politics’ much of which had been embroiled in the sleaze that engulfed the country.

In the north the spin-off from Wallace is much different and interestingly focuses more on the manner in which that ‘artificial little state-let’ has been (politically) constructed. The situation is summed up admirably in this article in the opinion section of the Irish News:

‘WHEN THE NORTH STARTS TO RESEMBLE CRAGGY ISLAND ’

http://www.irishnews.com/opinion/2015/07/11/news/when-northern-ireland-s...

For the Isle of Man I suppose the story takes up where the Irish News article concludes.

The question for Mann is how does £7 million pounds find itself to use Father Ted’s immortal phrase ‘just resting in someone’s account’? Another question is the still unanswered query as to how no regulatory authority on the Isle of Man picked up on such a hefty transaction? Finally of course the question no one is posing why does the Isle of Man still find itself embroiled in Irish political and financial scandals for even if this story by strange chance has a ‘happy ending’ the damage to the Island’s reputation as a financial centre will already have been done.

J B Moffatt (Mr)

Director of Information
Celtic League

13/07/15

THE CELTIC LEAGUE INFORMATION SERVICE.

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