Full coverage: Cerberus

Irish brass-plate companies have become a central plank in the structures used by vulture funds to swoop in on Mediterranean distressed debt. An investigation into Cerberus reveals how this extends to dealings in tens of thousands of foreclosed properties.

For the past four years, vehicles established in Ireland to hoover up debt secured on Irish property have been banned from paying tax-free profit-participating interest. New accounts show how this rule has applied to portfolios sold by Nama and Ulster Bank.

In a major report, we investigate the vulture fund's 52 Irish companies to unveil the property deals, the profits and the tax bills. Using Ireland as a base for aggressive European distressed debt deals, it is also moving into property development in Dublin.

To understand how vulture fund Cerberus manages billions of euros’ worth of Irish assets, you must look to Baarn, a small town 45 minutes away from Amsterdam. From there, you will see just how the fund is managing to flatline its tax bill, a two-month investigation by The Currency can reveal.