It's your Mortgage Day!
Updated on 30th August 2021
KBC Bank Ireland would like to draw your attention to some important information.
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.
On the 16th April KBC also announced that it was reviewing its options to divest or sell non-performing loans. 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 in a transaction financed by funds managed by CarVal Investors. Once this is completed, Pepper Finance Corporation (Ireland) DAC will be managing the loans. Pepper is regulated by the Central Bank of Ireland. Customers will continue to have the same legal and regulatory protections (for example under the Consumer Protection Code (CPC) and the Code of Conduct on Mortgage Arrears (CCMA)) after the sale. For more information on please click here.
Further announcements regarding the Bank of Ireland Memorandum of Understanding will be made in due course. Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market.
We would like to reassure you that there is no immediate impact for you and you don't need to take any action at the moment.
You can continue to bank with us as normal and you don’t need to do anything at this time. All of our products and day to day banking services remain the same and you will continue to be afforded all of the relevant regulatory protections at all times.
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.
You do not need to take any immediate action as a result of this announcement. While these discussions are ongoing, KBC Bank Ireland remains committed to offering all of our products and services as normal through our digital channels and hubs.
If customers have any specific queries, they should contact us on 1800 93 92 44. A dedicated freephone phone line is available for vulnerable customers and this team can be contacted on 1800 804 472.
To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.
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.
Yes, KBC remains open for business.
While these discussions are ongoing, KBC Bank Ireland remains committed to offering its retail banking and insurance services through its digital channels, hubs and contact centre.
Customers are at all times guaranteed the full benefits of the Customer Protection Code. Customers have options to 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 lenders (https://www.ccpc.ie/).
While discussions are ongoing, we are open for business and processing new mortgage applications as normal. Therefore you can continue to proceed with your mortgage application through any KBC channel or your mortgage broker. If you apply for a mortgage with KBC you will continue to be afforded all the relevant regulatory protections.
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.
You can also find more information on managing your debt here