Wexford Independent MEP Mick Wallace is facing a repossession order after a court hearing was told yesterday that there was no sustainable solution to the dept problem on a property described as his primary residence.
Ireland South MEP Wallace was not present at yesterdays Dublin Circuit Civil Court where AIB Mortgage Bank is seeking repossession on a property in Clontarf, Dublin over an unpaid dept of €910,800.
Mister Wallace is co-operating with the bank and is paying €2,000 per month.
However Council for AIB said that the amount is not enough to prevent the account from falling in to further arrears as the monthly interest payments due on the loan are €2,500.
A further hearing has been set for next month to allow time for an affidavit to be submitted from Mister Wallace.
