Are you an existing customer and need some additional support? Check out our FAQs:
I have a Business Loan with KBC, what will happen to it?
Your Business Loan will transfer to Bank of Ireland.
KBC will send you a letter within the next few weeks with more details about what’s happening to your Business Loan. You will get plenty of notice (at least 60 days) of your Loan transferring to Bank of Ireland.
Where there are operational changes to how Bank of Ireland will manage your Loan Account, Bank of Ireland will clearly communicate these changes to you. All changes will be made in line with regulatory and contractual obligations, including providing you with sufficient written notice of these updates (at least 60 days). Bank of Ireland will let you know when these changes take effect.
I have recently completed an application how will the announcement effect this?
We are no longer accepting Business Term Loan applications.
If you have completed a successful application you must drawdown the facility by the drawdown dates set out in your facility letter.
Should you drawdown your funds, your account will transfer to Bank of Ireland.
If I have a Business Loan Offer, what does this announcement mean for me?
If you have received an approved Loan Offer and you have signed and returned the Loan Offer to KBC, this means there is a contract in place between you and KBC. The terms and conditions of this contract will be honoured by KBC.
Where there are operational changes to how Bank of Ireland will manage your Loan Account, Bank of Ireland will clearly communicate these changes to you. All changes will be made in line with regulatory and contractual obligations, including providing you with sufficient written notice of these updates (at least 60 days). Bank of Ireland will let you know when these changes take effect.
If you have not yet signed and returned your Loan Offer and you wish to proceed with your loan, you should review the terms of your offer letter, seek appropriate independent legal and financial advice, and ensure you accept the offer within the timeframe set out in the offer letter.
Funds can be drawn down in line with the terms and conditions of your offer letter. Whether your Loan Offer is a Strategic Banking Corporation of Ireland (SBCI) loan, or a standard business loan, terms and conditions remain the same. As always, updated financial information may be required prior to drawdown of your Loan. This is to ensure your circumstances have not changed since application.
If you have any queries in relation to your Business Loan Offer, please contact your dedicated Business Partner.
I have Strategic Banking Corporation of Ireland (SBCI) supported Loan Offer, what will this announcement mean for me?
If you have received an approved Loan Offer and you have signed and returned the Loan Offer to KBC, this means there is a contract in place between you and KBC. The terms and conditions of this contract will be honoured by KBC.
Where there are operational changes to how Bank of Ireland will manage your Loan Account, Bank of Ireland will clearly communicate these changes to you. All changes will be made in line with regulatory and contractual obligations, including providing you with sufficient written notice of these updates (at least 60 days). Bank of Ireland will let you know when these changes take effect.
If you have not yet signed and returned your Loan Offer and you wish to proceed with your Loan, you should review the terms of your offer letter, seek appropriate independent legal and financial advice, and ensure you accept the offer within the timeframe set out in the offer letter.
Funds can be drawn down in line with the terms and conditions of your offer letter. Whether your Loan Offer is a Strategic Banking Corporation of Ireland (SBCI) loan, or a standard Business Loan, terms and conditions remain the same. As always, updated financial information may be required prior to drawdown of your loan. This is to ensure your circumstances have not changed since application.
If you have any queries in relation to your Business Loan Offer, please contact your dedicated Business Partner.
If my Loan Offer expires what does this mean for me?
If your Business Loan Offer expires as per the specific terms and conditions of your offer letter, we are no longer accepting Business Term Loan applications.
In order for your loan application to be completed we must receive all additional documentation 30 days from the date they were requested. If you are successful in your application, you must drawdown the facility by the drawdown dates set out in your facility letter.
Should you wish to continue with your application and you drawdown your funds, your account will transfer to Bank of Ireland.
If I drawdown my Business Loan with KBC, what will happen to my Loan in the future?
Your Business Loan will transfer to Bank of Ireland at a future date.
However, you will continue to be afforded all the relevant legal and regulatory protections. The terms and conditions of this contract will be honoured by KBC.
Where there are operational changes to how Bank of Ireland will manage your Loan Account, Bank of Ireland will clearly communicate these changes to you. All changes will be made in line with regulatory and contractual obligations, including providing you with sufficient written notice of these updates (at least 60 days). Bank of Ireland will let you know when these changes take effect.
When there are further updates we will write to you with any additional information and support you may require. We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
If I am drawing down my Business Loan in stage payments what does it mean for me?
If you are drawing down your facility by way of stage payments, all terms and conditions attaching to the facility and each stage payment as set out in your loan offer will remain applicable for both Strategic Banking Corporation of Ireland loans and standard Business Banking Loans.
