The vultures have landed
Wealthy professionals, along with companies, now find they owe money to huge international financial concerns which have bought their debt at cut-price rates from distressed Irish banks.
Moving the deckchairs around the Titanic. That is how Pearse Farrell, the veteran accountant and dealmaker, drolly describes the current phenomenon of distressed Irish banks offloading distressed debt at distressed prices.
Farrell's thesis is quite simple: the borrower still owes the money, but is now indebted to someone else.
''In many cases, a bank has simply been replaced by a fund, said Farrell, a corporate trouble-shooter and restructuring specialist.
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