The sale of Ulster Bank’s Scariff mortgage portfolio four years ago was one of the largest bad loan sales to vulture funds in the decade following the financial crisis. On August 13, 2018, the bank sold a bundle of Irish buy-to-let and owner-occupier mortgages in arrears to Promontoria Scariff, a subsidiary of the US fund Cerberus, for €840 million. The face value of the sums owed by the borrowers was €1.4 billion. New documents from Promontoria Scariff show that the mortgage holders have now repaid 93 per cent of the price paid by Cerberus, with enough assets left in the…

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