Sunday August 9, 2020

KBC boss says "legal flaw" impedes repossessions

KBC Bank Ireland chief executive John Reynolds said a “legal flaw” is impeding lenders from repossessing real estate bought for buy- to-let purposes.

29th March, 2012
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KBC Bank Ireland chief executive John Reynolds.

KBC Bank Ireland chief executive John Reynolds said a “legal flaw” is impeding lenders from repossessing real estate bought for buy- to-let purposes.

A court judgement removed banks right to repossess registered property taken as security prior to December 2009 unless a letter of demand had been issued prior to this date, he said in a speech in Dublin, speaking in his capacity as head of Irish Banking Federation.

Reynolds also said that proposed...

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