Cerberus, the US investment fund that bought NAMA’s Northern Ireland loans in controversial circumstances that are still being investigated, paid less than €1900 in tax on the €77m profits it earned from the properties last year, due to its utilisation of equally-controversial tax-efficient legislation here.

The Comptroller & Auditor General Séamus McCarthy's report found that the taxpayer lost up to €200m on the sale - which is subject to investigation in a number of territories.

The Irish Times reports that the firm was able to reduce its tax liability in Ireland by using tax breaks introduced during the Celtic Tiger years.

The 1997 rule allows companies such as Cerberus's Promontoria Eagle to write off loans used to buy assets and to legally reduce their tax liabilities.

This allowed the company to write off loan and interest repayments against profits, reducing its tax bill after it initially borrowed £1.2bn to buy the NAMA assets.

When contacted by Newstalk Cerberus declined to offer any comment following this report.

Cerberus manages investments worth more than $20bn around the world.