It's your Mortgage Day!
Date of last update: 24th May 2022
On the 30th August KBC Bank Ireland announced it will sell substantially all of its non-performing mortgage loan portfolio and a small number of non-mortgage non-performing loans. On the 4th February 2022 this loan sale was completed. For more information please click here.
On the 22nd October 2021 KBC Bank Ireland entered into a legally Binding Agreement with Bank of Ireland. This means that an agreement has been reached where Bank Of Ireland would acquire substantially all of KBC Bank Ireland’s performing loan assets (including performing Mortgages, Commercial and Consumer Loans), Deposits and a small number of non-performing Mortgages.
On the 24 May this Binding Agreement received approval from the Competition and Consumer Protection Commission. The Binding Agreement is still subject to ministerial approval. Customers will shortly receive an update from us followed by a booklet which clearly outlines what is happening to all KBC products.
On the 12th of April 2022 KBC Bank Ireland announced that it will commence the process of engaging with customers regarding the closure of their current accounts from June 1st. Customers are not required to take any actions until they have been contacted by the bank. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, customers will have 6 months to close their account. This follows the decision made by the KBC Bank Ireland Board to formally wind down the operations of the bank and exit the Irish market irrespective of whether the Bank of Ireland transaction receives approval. For more information click here.
Update on service and new applications
We are open for business and continue to accept new applications for Business Current Accounts, Business Loans and Business Deposits.
As of 31st May 2022 KBC will no longer accept new applications for Professional Fee Finance and Tax and Pension Finance Products. If you have completed an application which we receive on or before 31st May 2022 it will continue to be processed and underwritten as normal, should you wish to continue. There is no impact for existing customers with Professional Fee Finance and Tax and Pension Finance products, they can continue to manage these products as normal.
New applications for Business Overdrafts and Business Credit Cards, including applications from existing KBC customers are no longer being accepted.
If you are an existing customer of these products there is no immediate impact for you today and you can continue to manage and make changes to your Business Credit Card or Overdraft as normal.
For Personal Banking updates please click here.
We would like to reassure customers that you do not need to take any action and we are open for business. Should these circumstances change we will write to you to let you know. We will ensure you are provided with plenty of notice of any changes in line with all legal and regulatory protections.
If you have any specific queries you can speak to your dedicated business partner or you can call us on Freephone 1800 804 414 Mon - Fri, 8.00am – 6.00pm
Fraudsters may attempt to exploit the situation by claiming to be from KBC and that you need to register your details or re-register your information. If you experience any suspicious activity - text, email or phone calls - please call our customer service team.
KBC will NEVER request sensitive information like Passcodes or Online Banking details over the Phone, by Email or Text. Be aware of fraudulent callers pretending to be from KBC and calling from numbers that may look legitimate. If you receive such a call, hang up and call 1800 93 92 44 for support.
You can find out more about Fraud Prevention here - Fraud Prevention - KBC.
To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.
On the 22nd October 2021 KBC Bank Ireland entered into a legally Binding Agreement with Bank of Ireland. This means that an agreement has been reached where Bank Of Ireland would acquire substantially all of KBC Bank Ireland’s performing loan assets (including performing Mortgages, Commercial and Consumer Loans), Deposits and a small number of non-performing Mortgages.
On the 24 May this Binding Agreement received approval from the Competition and Consumer Protection Commission. The Binding Agreement is still subject to ministerial approval. Customers will shortly receive an update from us followed by a booklet which clearly outlines what is happening to all KBC products.
We are open for business and continue to accept new applications for Business Current Accounts, Business Loans and Business Deposits.
New applications for Business Credit Cards and Business Overdrafts are no longer being accepted.
If you are an existing customer of these products there is no immediate impact for you today.
As of 31st May 2022 KBC will no longer accept new applications for Professional Fee Finance and Tax and Pension Finance Products. If you have completed an application which we receive on or before 31st May 2022 it will continue to be processed and underwritten as normal, should you wish to continue. There is no impact for existing customers with Professional Fee Finance and Tax and Pension Finance products, they can continue to manage these products as normal
KBC Bank Ireland remains committed to supporting our customers through our Digital Channels, Hubs, Business Partners and Business Support Team.
Fraudsters may attempt to exploit the situation by claiming to be KBC and that you need to register your details, or re-register your information. If you experience any suspicious activity - text, email or phone calls - please call our customer service team. Be aware of fraudulent callers pretending to be from KBC and calling from numbers that may look legitimate.
KBC will NEVER request sensitive information like Passcodes or Online Banking details over the Phone, by Email or Text. If you receive such a call, hang up and call 1800 93 92 44 for support
You can find out more about Fraud Prevention here - Fraud Prevention - KBC
While no immediate impact is foreseen for your existing Overdraft, irrespective of the outcome of the regulatory and ministerial approvals process for the Bank of Ireland transaction, it will be cancelled at a future date.
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.
You can still apply for an increase to your overdraft and as per normal process each application will be reviewed on a case by case basis.