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Important Customer Notice

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.

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.

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.

 

What do you need to know right now?

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.

Frequently Asked Questions

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.

General Queries

  • There is no immediate impact on your products or services as a result of the announcement. All customers contracts remain in effect and unaltered, so nothing needs to be changed. 

    It is not possible to be able to be definitive on the outcome of this 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.

    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.
  • You do not need to take any action. There is no immediate impact on your products or services 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.

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

    If customers have any specific queries, they should contact us on 1800 93 92 44 or your local Hub.
  • You can find more information on how to make a complaint here - Make a complaint - 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.

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

    It is therefore not possible to be definitive at this time as to when we will provide an update on this announcement. 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.
  • We always advice customers to be aware of fraud. Given this announcement we would ask customers to be extra vigilant regarding any communications they received over the coming weeks.

    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. Never provide this information over the phone and if you have a doubt about who is calling you, make sure to call us back on 1800 93 92 44. Similarly we will never call you looking for PINs, User IDs or passcodes to complete purchases.

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

Mortgage Queries

  • It is not possible to be definitive at this time.

    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 mortgage 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.

    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.
  • Yes, you keep your fixed rate for the fixed rate period. There is no impact on customer’s products or services as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections.
  • There is no need to take any further action as a result of this announcement.  Prior to your fixed rate expiring, as per the  existing process you will receive a letter from KBC which will set out the options available to you at the end of your fixed rate period. 
  • Some customers’ April Direct Debit payment to their KBC mortgage appeared on their current account with a description of “Phoenix 7” instead of “KBC Bank Ireland”. This was due to an internal issue and has been corrected for future mortgage payment transactions.

    This error was unrelated to the KBC Bank Ireland Memorandum of Understanding (MoU) with Bank of Ireland.
  • The existing terms and conditions are not impacted. Variable rate customers can make overpayments as you wish. For fixed rate customers you can pay up to 10% of the amount of your mortgage as of the date the mortgage rate was fixed without incurring a break funding fee. 

    There is no immediate impact on customer’s products or services as a result of the announcement. We will continue to help you tailor your mortgage to suit your situation. While discussions are ongoing, you can continue to make regular or lump sum overpayments, as per the terms of your mortgage, to pay off your mortgage ahead of schedule and enjoy savings on interest payments in the meantime.
  • Should you still wish to switch your mortgage you can do so by engaging with your lender of choice using the normal switching process. 

    Please note, if you are a Fixed Rate customer you may be required to pay a break funding fee if you switch providers during your fixed rate period. For further information please contact us on 1800 93 92 44. 

    There is no immediate impact on customer’s products or services as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections.
  • Yes, you can apply for a Top Up, subject to lending criteria, terms and conditions.

    KBC Bank Ireland remains committed to offering its retail banking and insurance services of the highest level through our digital channels and through our hubs and contact centre.

    There is no immediate impact on customer’s products or services as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections.
  • In the event that your mortgage is transferred to another mortgage provider, your rate and corresponding term will transfer with you. 
  • Yes, there are no changes to our current switcher offer if you apply for your mortgage on or before  30th June 2021. 

    You can find more information about the existing offer and eligibility criteria here.
  • Yes, there are no changes to our current First Time Buyer and Mover contribution if you apply for your mortgage on or before 30th June 2021. 

    You can find more information about the existing offer and eligibility criteria here.

Current Account Queries

  • It is not possible to be definitive at this time.

    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 current account as a result of the announcement. 

    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.
  • There is no impact on your current account fees as a result of the announcement.  All customers contracts remain in effect and unaltered. Customers will at all times continue to be afforded all the relevant regulatory protections. 
  • While no immediate impact is foreseen for your Overdraft there is a possibility that it may be cancelled or transferred to another provider.  If this happens you will continue to be afforded all relevant regulatory protection.

Deposit Account Queries

  • It is not possible to be definitive at this time.

    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.

Personal Loan Queries

    • While no immediate impact is foreseen for your Personal Loan there is a possibility that you may be required to transfer your loan to another provider.  If this happens you will continue to be afforded all relevant regulatory protection.

Credit Card Queries 

  • While no immediate impact is foreseen for your Credit Card, there is a possibility that your credit card may be cancelled or transferred to another provider.  If this happens you will continue to be afforded all relevant regulatory protection.

Investment Queries

  • It is not possible to be definitive at this time.

    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 investment 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.
    If you have any specific queries regarding your investment you can contact your investment advisor in your local hub or call 1800 93 92 44.

Pension/PRSA Queries

  • It is not possible to be definitive at this time.

    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 PRSA 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.

Insurance Queries

  • It is not possible to be definitive at this time.

    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 insurance policy 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.

Hub Queries

  • 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

  • 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.
  • Your pension is a long-term plan to help you set aside money for your retirement. While no immediate impact is foreseen for your KBC PRSA there is a possibility that you may be required to transfer your fund to another provider at a given date in the future.  The transfer value of your PRSA at that date will have no penalties or charges applied.  Based on the performance of your chosen fund, this could be more or less than your initial contribution(s) invested. 

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

    KBC Bank Ireland Plc is tied to KBC Life and Pensions for the distribution of PRSA products to personal customers in the Republic of Ireland.
  • There is no immediate impact of the announcement to your intended investment today.  It is too early to be definitive but should the transactions ultimately result in KBC Group’s withdrawal from the Irish market, your investment could be transferred to another provider or you may be required to redeem at a given day in the future. 

    If a transfer or redemption were to occur, you will receive the value of the fund as of that date with no exit charges. Please note that the gains in your fund are subject to exit tax at the prevailing rate*.  Based on the performance of the fund in future, the value of the fund could be more or less than the amount you initially invested. 

    Should you choose to open your investment account you will continue to be afforded all of the relevant regulatory protections.  
     
    KBC Bank Ireland plc is a distributor of funds managed by KBC Fund Management Ltd and KBC Asset Management NV.
  • 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.

  • At this time there is no impact. We are open for business, so should you wish to progress from Approval in Principle (AIP) to Loan Offer, please contact us through either our Contact Centre, Hubs or your Mortgage Broker.

    An AIP enables you to determine how much money you can borrow when looking for a home, but you should remember it is not a formal Loan Offer. Therefore, you should not rely on AIP to enter into a binding contract when buying your home (including at an auction). An AIP lasts up to 6 months.
  • 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 or another provider should your mortgage transfer to them.

    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.
  • There is a chance that your mortgage could transfer to another provider. However, at all times you will be afforded all the relevant regulatory protections. We are committed to keeping you updated, and if circumstances change during the coming months we will keep you informed and outline the impacts (if any) for you.

Customers in Financial Difficulty

  • KBC Bank Ireland’s non-performing mortgage loan portfolio is not included in the Memorandum of Understanding (MoU) with Bank of Ireland and, is currently being analysed whereby KBC Group is reviewing its options to divest this Non-Performing Loan portfolio. 

    These discussions remain ongoing. There is no immediate impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement.
  • A non-performing loan by KBC’s definition is one that is currently in arrears, has been in arrears or has had the terms restructured and has not yet met the requirement to move to a performing status.
  • 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 1850 93 02 35 if your circumstances should change.
  • Customers do not need to take any action. There is no immediate impact on customer’s products or services as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections. 

    It is important that you continue to meet your monthly repayments and that you contact our Arrears Support Unit on 1850 93 02 35 if your circumstances should change.