Late in the afternoon on Budget Day, October 8, 2019, Ulster Bank announced that it had found a buyer for yet another portfolio of non-performing loans. There was speculation at the time that the timing, at a moment when business journalists were run off their feet, was an attempt to bury the news that over 3,000 home loans with €800 million in receivables, mostly owner-occupier mortgages, were about to be acquired by US vulture fund CarVal.  Yet the sequence of events that has unfolded since that day shows that the American distressed debt investment firm was also scrutinising budget speeches…

Join The Currency

Sign up today: Full annual membership for just €200.

Don’t miss out on what is going on with our daily unique stories from our team of skilled journalists and insightful commentators.

Members of The Currency get full access to over 2,500 exclusive interviews, investigations, and analysis, plus over 180 podcasts.

Annual membership is just €200 for the first year, a saving of €100.

Or try The Currency for the first month for a special introductory rate of €5, a saving of €20.

Cancel at any time.

To become a member today click here.