Promontoria Eagle is on its last legs. The Irish subsidiary established by the US vulture fund Cerberus to buy Nama’s Northern Ireland loan book in 2014 is set to go into liquidation this year, its directors have just reported in a note to what will be its last annual accounts. The special-purpose vehicle is finished working through the hundreds of bad loans Nama had taken off the balance sheets of Bank of Ireland, AIB and IBRC, before making the controversial decision to sell the portfolio secured mainly on properties in Northern Ireland under the code name Project Eagle. Nine years…

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