When Cerberus, the most active vulture fund in Ireland, began to file 2020 accounts for its subsidiaries here, The Currency immediately picked up on the impact they were reporting from the pandemic. In August, Promontoria Aran, the special-purpose vehicle (SPV) established to acquire a €1.3 billion non-performing loan book from Ulster Bank in 2014, revealed that it had flirted with default itself before refinancing over €50 million remaining due in leverage debt it had raised from Deutsche Bank. The reason? Collections during Covid-19 lockdowns were “below plan”, resulting in a €23.7 million write-down off the value Cerberus was hoping to…

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