Cleaning Up



Deutsche Asset & Wealth Management Logo (PRNewsFoto/Invesco)


Vulture funds from top: Blacktree; Hammerson, Oaktree, Deutsche and Cerebrus

The big five.

They own you.

Play nice.

Via Tom Lyons in yesterday’s The Sunday Business Post:

Just five so-called vulture funds have acquired tens of thousands of loans from Irish borrowers with a par debt of €24.95 billion.

United States fund Cerberus, which is embroiled in the Project Eagle controversy, is by far the largest acquirer of debt from Nama. It has taken control of loans with a par value of €14.4 billion.

Oaktree comes in second having acquired loans with par debt of €3.9 billion followed by Deutsche Bank at €2.45 billion.

Dundrum Shopping Centre Hammerson Allianz is in fourth position, having bought loans primarily associated with the developer Joe O’Reilly with a par value of €2.4 billion.

Blackstone, which bought debts associated with the developer Michael O’Flynn is in fifth position, having taken control of loans with a par value of €1.8 billion.

Cerberus acquired its €14.4 billion of debt at an undisclosed total discount from Nama in just four deals.

Cerberus paid €1.6 billion for Project Eagle, a transaction which is now being investigated by various parties including the National Crime Agency in Britain.

Good times:

Five vulture funds own Irish debts of €25 billion (Tom Lyons, Sunday Business Post – subscription needed)

24 thoughts on “Cleaning Up

    1. ahjayzis

      They’re practically gifting them to entities who will make bumper profits within a few years and pay a derisory amount of tax for the privilege.

      I don’t care what you get up to you in spare time but getting double or treble-fupped by the finance industry over and over again is probably not what most citizens would vote for.

    2. Rob_G

      I don’t have an issue with them buying up distressed assets, but the fact that some are able to register as charities is a bit hinky.

      (though this would be an issue for the regulations surrounding charities rather than the funds themselves, I guess).

    3. MoyestWithExcitement

      OUR goverment is gifting OUR wealth/assets to foreign millionaires who will give them back in exchange for more of OUR money which will sit in foreign bank accounts collecting dust and interest instead of going into OUR economic cycle. More right wing fantasy economics cheered on by economically illiterate morons.

    1. Junkface

      Yes Vulture funds have a strong reputation for giving people a better deal on their mortgages and not driving up costs to the level where they can’t afford their mortgage anymore. And then they totally do not get evicted and are made homeless. This can only be great news for thousands of Irish families, they are jumping with joy that the lovely vulture funds have been given free reign in Ireland to ruin their financial lives.

      …and they still won’t have to pay any taxes on their millions of profits. A fair country indeed!

      1. Jonickal

        Two things an individual can do:

        1) pay their mortgage, or

        2) struggle to pay their mortgage and ultimately move to live somewhere else.

    1. mildred st. meadowlark

      Vested interests, Clampers darling, vested interests.

      Are you forgetting the most important thing?

  1. Mr M

    They’re called vulture funds for a reason. I’m personally going to have my house taken from me as they have appointed a receiver and not been given any options to remortgage or any solutions. I only found out today.
    I’m at my wits end and don’t know what to do

    1. Spaghetti Hoop

      Really? Can you get some help Mr. M and have you spoken with your mortgage lenders face-to-face and the free legal advice from your community welfare centre? Do it quickly if not. I was out of work for 9 months at the start of the recession and could have lost my house – the stress is awful. Talk to them and apply for a moratorium. Best of luck.

      1. Mr M

        I have spoken to the lenders and have been paying as much and as when I can. When I did go to meet them it was productive and I was doing what I could payment wise. But they didn’t give me any options that they could offer such as restucturing or remortgaging etc.
        It is a very aggressive move.

    2. Andy

      Sure you are.

      They can only appoint a receiver on a BTL/investment property.
      Repossession of a family requires a court order.

      1. Mr M

        It is a fmaily home. Though I’m not living there at the moment as I went to england to work.
        Thanks for the advice really appreciated.

      1. Mr M

        I am working in England at the moment and am allowed to rent out the property without having to change it as a buy to let

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