Ulster Bank is the latest financial institution to sell so-called “non-performing loans” to a vulture fund, according to RTE.
It is understood that the bank is selling up to 5,200 loans to financial entity Cerberus, with a potential gain to the bank of around €1.4bn. Perhaps un-ironically, Cerberus was the hound that protected the gates of the Underworld to prevent the dead from leaving, according to Greek mythology.
Once in the hands of vulture funds, mortgage holders will be abandoned to their fate.