On May 26, 2015, Ulster Bank announced the sale of a debt portfolio through its parent’s bad bank, RBS Capital Resolution, to “an entity affiliated with Cerberus Capital Management”. “The disposal of this portfolio represents the final material transaction for RBS Capital Resolution (RCR) in Northern Ireland,” the announcement read. Although borrowers technically owed £1.4 billion to the bank, they were responsible for £16 million in losses in 2014. Recovery prospects were so poor that the loans had a carrying value of just £205 million on RCR’s balance sheet.  This was the price RBS said it had secured for the…

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