As multiple Irish subsidiaries of the US investment firm Cerberus continue to work through the multi-billion-euro loan books they acquired at knock-down prices in the wake of the financial crisis, new information released by some of these companies betrays the impact of rising interest rates on the vulture fund’s business model. When Irish banks flogged non-performing mortgages at heavy discounts to clean up their balance sheets in the past decade, buyers like Cerberus typically applied heavy leverage to the deals. They paid for the bulk of the transactions with cheap senior debt raised from global banks, and put up their…

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