Important Customer Notice - Deposits

KBC Bank Ireland would like to draw your attention to some important information

You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement.

Demand Deposit Account
The account you have chosen provides you with access to your funds when you need it. While no immediate impact is foreseen for your KBC Demand Deposit Account there is a possibility that you may be required to close your account in future or it may be transferred to an alternative provider.

Fixed Term Deposit Account
The account you wish to open means you do not have access to your funds until the end of the term chosen. While no immediate impact is foreseen for your KBC Fixed Term Deposit Account there is a possibility that you may be required to close your account in future or it may be transferred to an alternative provider.
However the full term of your fixed term deposit account will be honoured by KBC or the alternative provider.

Should you choose to open your KBC Deposit Account you will continue to be afforded all of the relevant regulatory protections.

Fixed Term Deposit Account
It is not possible to be definitive at this time as to the possible impact of this announcement on your account.

KBC Group and KBC Bank Ireland has entered into a Memorandum of Understanding (MoU) with Bank of Ireland, expressing the parties’ intention to explore a route that could potentially lead to a transaction whereby Bank of Ireland commits to acquire substantially all of KBC Bank Ireland’s performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as obtaining all appropriate internal and external regulatory approvals.

You do not need to take any action. There is no immediate impact on your deposit account as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections.

We are committed to keeping you updated; if circumstances change during the coming months we will keep you informed and outline the impacts (if any) for you.

What was announced?

KBC Bank Ireland has entered into a Memorandum of Understanding (MoU) with Bank of Ireland, expressing the parties’ intention to explore a route that could potentially lead to a transaction whereby Bank of Ireland commits to acquire substantially all of KBC Bank Ireland’s performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as obtaining all appropriate internal and external regulatory approvals.

KBC Bank Ireland’s remaining non-performing mortgage loan portfolio (NPL), which is not part of the MoU, is currently being analysed whereby KBC Group is reviewing its options to divest this NPL portfolio.

Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market. Further announcements will be made in due course.

To read full customer notice and FAQs click here.