Mick Wallace will have to hand over the keys to his Clontarf home, the Circuit Civil Court has just ruled.
The former Wexford TD and Ireland South MEP will be forced to hand his Dublin 3 home back to AIB Mortgage Bank on which he owes more than €900,000 after having failed to keep up his monthly instalments of €2,270 on a €825,000 loan.
Mr Wallace, according to a sworn affidavit, allegedly told one bank official that he would burn down the home and they would have to carry him out in a box before he would give it up.
Judge Jacqueline Linnane had been told in an earlier session that there was no sustainable solution to Wallace’s debt that didn't involve the selling of the property in the capital.
His barrister Jack Tchrakian told the Judge that “people say things in stressful situations.”
The MEP today told the judge from Strasbourg that he would hand back the keys to Allied Irish Mortgage Bank in March on the condition he he would be allowed to spend Christmas in the property.
