Investors that bought up debt linked to Irish property in the wake of the financial crisis bet on one thing: that the country – and its property market – would eventually recover. International finance giants and so-called vulture funds hoovered up €200 billion worth of Irish distressed assets, often making the most of the rock-bottom interest rates on offer to finance their bets and the low- or no-tax structures that were designed to stimulate some form of investment into the country. For many, it proved to be incredibly profitable. As Thomas explained in 2022, US investment bank Morgan Stanley was…

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