SBCI Notice Page Header

WHAT HAPPENS NEXT?

Business Loans

KBC Business Secured and Unsecured Loans including Loans supported by the Strategic Banking Corporation of Ireland (SBCI).


As you may already know, KBCI has begun a gradual transition to leave the Irish Market and has entered into a binding agreement with Bank of Ireland whereby they would acquire the majority of KBC Bank Ireland’s loan assets and deposits.

On 24 May 2022 this Binding Agreement received approval from the Competition and Consumer Protection Commission. This Agreement is still subject to ministerial approval.

What's happening?

KBC Secured and Unsecured Business Loans will move to Bank of Ireland. This includes all loans supported by the Strategic Banking Corporation of Ireland under the Future Growth Loan Scheme.

You do not need to do anything right now. We will write to you again with more information and next steps.
In the meantime, we’re here to help with any queries about your Business Loan.

What to expect next...

If you are an existing customer you will shortly receive a booklet which clearly outlines what is happening to all KBC products in detail.

Should we receive ministerial approval, KBC will send you a letter within the next few weeks with more details about what’s happening to your Business Loan.

In the future, should we receive ministerial approval, Bank of Ireland will write to you as well with important information.

Responsive Image

Important things to know

You will keep your Business Loan interest rate margin applicable at the date of the transfer when your loan moves to Bank of Ireland.

Bank of Ireland will be in touch with you regarding your payment methods.

If there is a guarantor on your loan their obligations under the guarantee will also be transferred to Bank of Ireland along with the Business Loan.

Any changes by Bank of Ireland to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.

Loans supported by the Strategic Banking Corporation of Ireland (SBCI) will continue to have the benefit of the Government guarantee.

What do I need to do now?

You should continue to make your Business Loan repayments as normal until your loan transfers to Bank of Ireland.

Make sure your contact details are correct and up to date so we can keep you informed, and Bank of Ireland can contact you directly about the transfer of your Business Loan.

Frequently Asked Questions

  • Should a Binding Agreement with Bank Of Ireland receive ministerial approval, 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. Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    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.
  • We will accept new applications until 15 July 2022.
    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 subject to full ministerial approval.

    If you decide to go ahead with your Business Loan application with KBC, you will continue to be afforded all the relevant legal and regulatory protections.
  • 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. Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes. 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 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. Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes. 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 your Business Loan Offer expires as per the specific terms and conditions of your offer letter, we will accept new applications until 15 July 2022.

    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 offer letter.

    Should you wish to continue with your application and you drawdown your funds, your account will transfer to Bank of Ireland subject to ministerial approval.  You can contact your dedicated Business Partner if you want to discuss this further.
  • Should a Binding Agreement with Bank Of Ireland receive ministerial  approval, 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.

    Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    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 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.

Get in touch - Business

Hi!

We’re here to help. Phone us Monday – Friday from 8am – 6pm.

Need help or support?

Get in touch

Variable Rate Loan

Warning: the cost of your loan repayments may increase.

Fixed rate loan

Warning: you may have to pay charges if you repay early, in full or in part, a fixed rate credit facility.


Warning: if you do not meet the repayments on your credit facility agreement , your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.