The British banks will pay for the wrong insurance

The British banks HSBC and Barclays, after the largest credit organization of country Lloyds Banking Group, have decided to return to clients money for incorrectly sold insurance policies. It is a question of insurance of solvency of the persons taking consumer or mortgage loans. But, as has decided branch court, banks other sold such insurance to obviously problem clients, for example, the unemployed. By estimates of national bank regulators, the question price – 9 billion euro.

Lloyds has reserved on indemnification under these claims of 3,5 billion euro, Barclays – 1,2 billion euro, and HSBC has managed "with small losses" – the sum of 300 million euro. It is remarkable that all three banks have decided not to protest a judgement.