Are you an existing customer and need some additional support? Check out our FAQs:
What Net Asset Value (NAV) price will I get when I redeem my Investment Funds?
As per our Investment Funds Terms & Conditions and standard process, the NAV price will be that of the next business date after the trade is placed. This will apply for both voluntary redemptions and automatic redemption. You will not be charged an exit fee. Based on the overall market performance, the value of the fund could be more or less than the amount you initially invested.
Do I need to pay tax after my investment fund has been redeemed (voluntarily or automatically)?
Any gains in your fund will be subject to exit tax at the prevailing rate. Exit tax is deducted at source only for our Irish based SIVEK Medium/ExpertEase Funds. It is the responsibility of the customer to declare a tax obligation for our Belgian Offshore based Funds.
When will my redemption funds and ex-gratia payments be received into my linked account?
Redemption trades (voluntarily placed or automatically redeemed) will be subject to the standard settlement process. Depending on your fund, it may take up to 6 working days for your funds to be credited to your linked account. Your ex-gratia payment will be credited within 4 weeks of the settlement date.
Will I receive a final closing statement after my account has been closed?
Yes, all regulatory documents including Quarterly Statements, Tax Statements, Fees & Charges Statements will be issued after your account has been closed.
I don’t have any Investment Funds with KBC Bank Ireland but received a letter from KBC – why are you writing to me?
Whilst you may not have completed an investment trade or may have redeemed your holding your account has not been fully closed. If you wish to close your account, please contact us on 1800 93 92 44.
When will I be required to redeem all of my Investment Funds?
Should the Binding Agreement with Bank of Ireland receive ministerial approval, your Investment Fund will be automatically redeemed at a future date. This date will be confirmed in advance and you will receive further communications from us providing you with at least 60 days’ notice of this date. Should you wish to you can also redeem your account at any time.
What is an ex-gratia payment and who is eligible for the payment?
An ex gratia payment is a voluntary payment made as a goodwill gesture without the giver having or recognising any liability or legal obligation to make such a payment. All investment customers as at the automatic redemption date (date to be confirmed) and any customers who voluntarily redeemed since the 16th April 2021 are eligible for this payment. The 16th of April 2021 is the date KBC Bank Ireland announced the Memorandum of Understanding with Bank of Ireland.
I redeemed my investment before the 16th April, am I eligible for the ex-gratia payment?
No – only customers who redeemed on or after the 16th April 2021 are eligible as this is the date KBC Bank Ireland announced the Memorandum of Understanding with Bank of Ireland.