IIB insured itself against negative equity

IIB Bank took out insurance against losses on its mortgages to address the concerns of its Belgian parent over the bank’s potential exposure to borrowers experiencing negative equity, The Sunday Business Post has learned.

18th October, 2008

IIB Bank took out insurance against losses on its mortgages to address the concerns of its Belgian parent over the bank’s potential exposure to borrowers experiencing negative equity, The Sunday Business Post has learned.

IIB executives had clashed with the bank’s parent company, KBC, over mortgages with a loan-to-value (LTV) ratio of 80 per cent or more.

KBC insisted that IIB could only write mortgages for its own account if the LTV...

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