In the final months of 2024, over 40 Irish companies controlled by the US investment firm Cerberus filed new financial information. For anyone with the time and inclination to read them, they paint an increasingly detailed picture of the performance achieved by Cerberus’s vulture fund activity 10 years after its first purchase of non-performing loans (NPLs) in Ireland. The first such deal was the controversial purchase of Nama’s Eagle loan book secured on properties in Northern Ireland in 2014. Although the report of a commission of investigation into the circumstances and valuation of the transaction has yet to be published…

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