A three month stay has been put on a summary judgement against Independent TD Mick Wallace for a 2 million euro loan to his construction company.

In 2014, the Ulster Bank loan was assigned to a subsidiary of the US Investment firm Cerberus, and it was called in last year.

Deputy Wallace asked for a full hearing to defend the application, but the High Court decided the company was entitled to a summary judgement.

M&J Wallace Ltd. is in receivership and the court heard its premises on Ormond Quay in Dublin is on the market.

Mr. Justice Brian McGovern recorded the judgement against the Wexford TD, but it won’t be executed until May to allow time for it to be sold.