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May 25 2020, 07:05 IST/BST
The continued scrutiny of FBD’s business interruption policy is unwelcome and the doubt cast over FBD’s stance by the Minister for Finance and his officials heightens this further. The Central Bank also previously stated that it expects decisions to weigh in favour of the customer where policy wordings are unclear. FBD’s pub policies represent only a small proportion of overall business, which limits any earnings risk and may also be offset by favourable underwriting trends year-to-date. However, we view the heightened scrutiny as a significant negative to the prospect of any near-term dividend payment.
May 25 2020, 07:05 IST/BST