In mythology, Cerberus was the multi-headed dog that guarded the underworld, whom Hercules subdued and brought into the daylight.
It may not be a giant guard dog, but the US fund Cerberus Capital Management has grown to become a very big beast indeed in Irish affairs over the last two years. In that time, it has snapped up property debts worth 18.75 billion, including two big deals that it did with the National Asset Management Agency (Nama).
In total it paid 3.2 billion for those assets. Buying the loans gave it the right to seek their full repayment or take possession of the 16,500 properties against which they were secured. By last month, it had written 4.6 billion off the total due, leav…
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