In 2019, the top five Irish banks and the vulture funds that have taken over part of their loan books since the financial crisis issued 1,030 summary summons in the High Court. This type of proceedings specifically targets the recovery of debts worth over €75,000. Last year, the same list of plaintiffs lodged just 182 similar cases – an 82 per cent fall. The drop in litigation has been spectacular for some of the most aggressive debt owners: US investment fund Cerberus, through its Promontoria group of debt subsidiaries, sued 348 borrowers in 2019 but just 10 last year. Goldman…

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