Belgian bank seeks €10m in compensation from Genworth

Belgian bank KBC is to seek at least €10 million from insurance company Genworth to compensate it for the fall in the value of houses financed by its Irish mortgage lending subsidiary.

15th August, 2009

Belgian bank KBC is to seek at least €10 million from insurance company Genworth to compensate it for the fall in the value of houses financed by its Irish mortgage lending subsidiary.

The bank, which earlier this month said borrowers accounting for almost 20 per cent of its Irish loan book were in negative equity as a result of falling property values here, bought cover from Genworth to cover around €500 million of its €13.5...

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