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As many as 90,000 Irish loans are now owned by foreign investment funds. The largest tranche went into vulture funds when about 15,000 mortgages were sold as part of the liquidation of IBRC. This was made up of many loans that originated with Irish Nationwide Building Society. Bank of Scotland has also sold its loan book, while Bank of Ireland and Ulster Bank have sold portions of their non-performing loans to such funds.
Apart from the banks, who are selling loans to such funds? The vast majority of asset disposals by Nama – in the region of 90 per cent, in fact – have been to US vulture funds.’