We now have 2021 financial data for three of the dozens of special-purpose vehicles (SPVs) established in Ireland by US vulture fund Cerberus to acquire non-performing loans offloaded by banks across Europe since the financial crisis. These first three contain debt secured on Irish property. They all show that this business continues to be hugely profitable for Cerberus, erasing signs of weaknesses displayed at the start of the pandemic. There are three ways each of these subsidiaries reports making money: by collecting repayments from borrowers; by updating the fair value of their portfolio, reflecting the cash flow they expect from…

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