The Irish financial system has so far paid Cerberus €1 billion to make €10 billion of bad debt go away, plus another comparable amount to the global banks that have backed the US vulture fund. Was it a price worth paying?
Nama and Ulster Bank were the biggest early sellers of non-performing loans to the US vulture fund, along with European banks. With the benefit of hindsight, how do those deals compare?
A decade on from early deals in the UK, the US vulture fund’s tax-efficient Irish subsidiaries have hoovered up bad debt from Germany to Cyprus. But how profitable are they?
Vehicles used by the US investment firm to purchase distressed Irish loans are reporting pressure from their own lenders and discounting the value of their portfolios, triggering various responses to the resulting profit squeeze.
A vulture fund unit of Goldman Sachs invested nearly €1 billion in distressed Irish mortgages after the crash. We now have a clear view of the returns it made for the Wall Street investment bank.
The controversy surrounding the sale of Nama loans secured on properties in Northern Ireland has focused on the discount given to their buyer. A forensic investigation reveals how much Cerberus made from the deal.
Acting through a Luxembourg entity, Apollo has appointed KPMG as receiver over six shopping centres, a move designed to facilitate the sale of the portfolio to a Canadian buyer.
The two American financial giants paid €322m for the discounted mortgage book offloaded by Rabobank almost three years ago. They are still bouncing some borrowers around in search of higher profit.
After splitting a lucrative portfolio of Irish distressed debt with Morgan Stanley, Cerberus is on track to double its money on the 2018 Scariff deal.
Cabot Financial Ireland and its Dublin subsidiaries have grown their assets and revenue from non-performing loans acquired from Portugal to Poland – as well as the taxable Irish profit arising from this business.
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