On Christmas Eve, 2018, the management of Spanish bank Unicaja signed off on one final deal before heading off on their holidays. The financial institution, based in Málaga on the Costa del Sol, was scrambling to offload non-performing loans accumulated during the financial crisis.  On that day, it sold Project Omega, a portfolio of problematic mortgages, to the US investment firm Cerberus. The loans had a face value of €230 million, but the special purpose vehicle (SPV) used by the vulture fund for this acquisition agreed to pay just €87 million. This company, Promontoria Omega DAC, is Irish. New financial…

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