Promontoria Redwood, the subsidiary of US vulture fund Cerberus that acquired AIB’s Redwood portfolio of non-performing loans in 2018, paid a €45.4 million dividend last year, new company documents show. This, however, is just a fraction of the returns achieved from the deal – and of those to come. When AIB sold the Redwood portfolio to Cerberus via its agent Everyday Finance, the bank announced that it would receive €800 million in cash for the loans, which had a value of €1.1 billion on its balance sheet. This was after incurring a €1.1 billion loss in the year preceding the…

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