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


As you may have heard in the media, 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.

You do not need to take any immediate action as a result of this announcement as the Binding Agreement remains subject to all the relevant regulatory approvals. We will communicate to you well in advance of any actual steps or changes that may be taken in respect of your products, giving plenty of notice in line with all legal and regulatory protections.

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. For more information please click here.

Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market.

Update on service and new applications

We would like to reassure you that all of our Hubs, Contact Centre and Digital Channels will continue to operate as normal and we remain open for business. We will continue to accept new applications for Current Accounts, Mortgages, Deposits, Personal Loans, Life, Home and Car Insurance and Personal Credit Cards.

KBC has paused new applications for Personal Retirement Savings Accounts (PRSAs) for non-KBC customers and will pause applications from KBC customers from the 15th November 2021. In addition KBC will pause applications for Investments and Personal Overdrafts from 7th December 2021 and we will contact customers to provide them with at least 30 days written notice of this change.

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 PRSA, Investment or Personal Overdraft as normal.

All PRSA applications that have been received by KBC on or before the 15th November 2021 will continue to be processed as normal, should you decide to go ahead with the application.

All Investment and Personal Overdraft applications that have been received by KBC on or before the 07th December 2021 will continue to be processed as normal, should you decide to go ahead with the application.

If you are an existing investment customer please click here for further information.

If you are an existing PRSA customer please click here for further information.

If you are an existing overdraft customer please click here for further information.

For business banking updates please click here.

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What do you need to know right now?

We would like to reassure customers that you do not need to take any action, our Hubs, Contact Centre and Digital Channels will continue to operate as normal and we remain 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 questions, you should contact us on freephone 1800 93 92 44. Our dedicated vulnerable customer team can be contacted on 1800 804 472.

Be Aware of Fraud

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 (7 days a week 8am-11pm).

You can find out more about Fraud Prevention here - Fraud Prevention - KBC.

We're here to help...

We understand that the announcement has brought up many questions for existing and new customers. We are continuously reviewing those queries based on customer feedback and will keep KBC.ie up to date with new questions and responses.

We have grouped these frequently asked questions into sections so you can find the information most relevant to you.  

General
FAQs
 

For general updates about the announcement check out our general FAQs below.


 


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Our Product FAQs
 

Are you an existing customer and have questions about a specific product you have with us we've put together some FAQs for you.

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New Customer FAQs
 

If you are a new customer who is thinking about opening an account or taking out a product with us check out the FAQs below.


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Customers in Financial Difficulty FAQs

If you are a customer who is in financial difficulty please check out our FAQs below. 




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General Queries

  • As you may have heard in the media, on the 22nd October 2021 KBC Bank Ireland entered into a legally Binding Agreement with Bank of Ireland. You do not need to take any immediate action as a result of this announcement as the Binding Agreement remains subject to all the relevant regulatory approvals. We would like to reassure you that we will continue to support you with your day to day banking needs through our Hubs, Contact Centre and Digital Channels.

    The Binding Agreement 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.

    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 keep kbc.ie up to date with information for our customers.

    If you have any specific queries, you can contact us on 1800 93 92 44 (8am-11pm 7 days a week) or at your local Hub.
  • You can find more information on how to make a complaint here - Make a complaint - KBC
  • We are committed to keeping you updated; if circumstances change we will contact you directly outlining the impacts for you ensuring you are provided with any plenty of notice in line with legal and regulatory changes.
  • 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 (8am-11pm 7 days a week).

    You can find out more about Fraud Prevention here - Fraud Prevention - KBC.
  • 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.

    It is therefore not possible to be able to be definitive on this matter at this time. There is no immediate impact on our organisational set up. Our Headquarters, hubs, contact centre and digital channels will continue to operate as usual. Any potential future changes are yet to be determined.

    The Board and the Executive Committee of KBC Bank Ireland are fully conscious of their responsibilities to our colleagues and customers, and the role of KBC as part of the Irish banking system, and we are fully committed to managing this process in a professional, fair and responsible manner.

New Customers

  • We are open for business as usual for current account, Mortgages, Deposits, Personal Loans, Life, Home and Car Insurance and Personal Credit Cards.

    We have paused new applications for Personal Retirement Savings Accounts (PRSAs) for non-KBC customers and will pause applications from KBC customers from the 15th November 2021. We will pause applications for Investments and Personal Overdrafts from 07th December 2021.

    Customers are at all times guaranteed all the relevant legal and regulatory protections including the full benefits of the Customer Protection Code. Customers can switch banking provider should they wish to do so.

    You can visit the Competition and Consumer Protection Commission's website for more information on switching (https://www.ccpc.ie/). 
  • New applications for Personal Overdrafts from existing KBC customers will be paused from 07th December and we will provide customers with 30 days written notice of this change.
  • Applications for Investments, including applications from existing KBC customers, will be paused on 07th December 2021 and we will provide customers with at least 30 days written notice of this change.

    We will be writing to existing investment customers shortly to give notice that we will be closing our Investment Funds to new contributions (this includes both top up lump sums or contributions to Regular Investment plans). We will continue taking the monthly Regular Investment plan contributions during the notice period but after that all monthly contributions will be paused. Customers will be updated by email/letter and will be given 60 days’ notice of any changes.

    You should also be aware, that you will be required to redeem at a given date in the future and you will be provided with plenty of notice in line with all legal and regulatory protections. When a redemption occurs, you will receive the value of the fund as of that date with no exit charges. Any gains in your fund would be subject to exit tax at the prevailing rate*. Based on the overall market performance, the value of the fund could be more or less than the amount you initially invested. 
    Any funds that you have currently invested in your account will remain invested. Should you wish to redeem or cancel your Regular Investment plan, you can do so either in Hub or via the KBC Mobile Banking App (with no exit charges*). You should be aware that KBC cannot provide advice on investment redemptions you may wish to seek independent financial advice before redeeming.

    *Please note that gains in your fund will be subject to the normal deduction of exit tax at the prevailing rate. Exit tax is deducted at source only for our Irish Onshore Funds. For Offshore Funds, we recommend you contact a professional independent tax advisor to discuss your personal tax situation, and to ensure you are tax compliant.

    KBC Bank Ireland plc is a distributor of funds managed by KBC Fund Management Ltd and KBC Asset Management NV. KBC Bank Ireland plc and KBC Fund Management Ltd are regulated by the Central Bank of Ireland. KBC Asset Management NV is authorised in Belgium and regulated by the Belgian Financial Services and Markets Authority (FSMA).
  • 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, your new provider 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 and ensure you accept the offer within the timeframe set out in the letter.

    As always, updated financial information will be required prior to drawdown of your Loan. This is to ensure your circumstances have not changed since application. Where your signed and returned loan offer includes a cash contribution towards professional fees, this will be honoured as part of the contract.

  • Should a Binding Agreement with Bank Of Ireland receive regulatory approval, your Mortgage will transfer to Bank of Ireland.

    Should your account be transferred, your new provider 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.

Customers in Financial Difficulty

For more information on the Non-Performing Loan Sale Announcement on the 30th August please click here.

If you have a loan account that is currently non-performing you will find more information here.
  • We will continue to work with all our customers in financial difficulty to find sustainable solutions, always being clear and fair in our communications and dealings, and always mindful and respectful of your individual circumstances. We wish to stress the importance of active engagement in dealing with, or averting, a financial difficulties situation

    It is important that you continue to meet your monthly repayments and that you contact our Arrears Support Unit on 0818 93 02 35 if your circumstances should change.

Product FAQs