Cerberus paid €1,900 tax on €77m Project Eagle profits

Company structured business in Ireland in order to benefit from section 110 tax break

Promontoria Eagle director Mark Neporent: company was able to write off loan and interest repayments against its profits. Photograph: Bill Pugliano/Getty Images

Promontoria Eagle director Mark Neporent: company was able to write off loan and interest repayments against its profits. Photograph: Bill Pugliano/Getty Images

Cerberus, the US vulture fund that bought Nama’s Northern Ireland loans, paid less than €1,900 tax on the €77 million profit it earned from the assets last year, newly published figures show.

A report by Comptroller & Auditor General Séamus McCarthy found that Nama’s sale of the loans, dubbed Project Eagle, to Cerberus for €1.6 billion could have lost the taxpayer up to €200 million, while claims that business people and politicians were to benefit from the deal have led to several investigations.

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