Bloomberg News

KBC’s Reynolds Says ‘Legal Flaw’ Impeding Irish Repossessions

March 29, 2012

KBC Bank Ireland Plc Chief Executive Officer 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.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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