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…

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