Important Customer Notice - Investments - Updated 9th November 2021

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.

New Customers
New Investment applications, including applications from existing KBC customers, will be paused on 07th December 2021 and we have written to customers providing at least 30 days written notice of this change. You should be aware, you will be required to redeem your investment at a given day in the future.

Existing Customers

From 12th January 2022 you will no longer be able to make additional Investment contributions in Hub, over the phone or via the KBC app. If you wish to add to your existing Investment Fund, please do so before 12th January 2022. You can invest by visiting your local KBC Hub or by placing a ‘Buy’ trade via the KBC app. ​​

If you have a regular investment plan with monthly contributions, with effect from 12th January 2022 no further monthly contributions will be processed and contributions to your Regular Investment Plan will be cancelled. Any money that you have currently invested will remain invested.

Should the Binding Agreement with Bank of Ireland receive regulatory approval, your Investment Fund will be automatically redeemed at a future date. If you do not redeem your Investment Fund by that date, we will automatically redeem it for you on that date. This means that your Investment Fund will be sold and we will credit the value to your default account automatically (this is the KBC account which you have nominated). Before this happens we will write to you giving you at least 60 days’ notice of the automatic redemption date and to let you know any actions you may need to take.

To recognise the inconvenience this will cause you and the potential cost to place your Investment with an alternative provider we will make an ex-gratia payment of 1% of your Investment Fund value upon redemption.

You may also choose to redeem your Investment Fund at any time, prior to automatic redemption, and still be eligible for the ex-gratia payment of 1%. When this automatic redemption occurs, you will receive the value of the fund as of that date with no exit charges. Any gains in your fund will be subject to exit tax at the prevailing rate*. Based on the overall market performance, the value of your Investment Fund could be more or less than the amount you initially invested.

Customers are currently being updated by letter with 60 days’ notice of these changes.

 *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 Belgian Offshore based Funds.


We've put together some frequently asked questions for you:

Investment FAQs

  • Yes you can redeem your current Investment holding. Should you wish to redeem, you can do so by visiting your local KBC Hub or by placing a Sell trade via the KBC mobile banking app. If you do not wish to redeem your investment you should 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 legal and regulatory obligations.
  • 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.

  • 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.

  • If you wish to add to your existing Investment Fund, please do so before 12th January 2022. Before deciding to invest further, you should be aware that you will be required to redeem your Investment Fund at a set date in the future. Should you wish to proceed, you can invest by visiting your local KBC Hub or by placing a ‘Buy’ trade via the KBC app. ​

  • During this notice period, monthly contributions for November, December & January will be processed as normal. With effect from 12th January 2022 no further monthly contributions will be processed and all Regular Investment Plans will be cancelled. Funds that have already been invested prior to this date will remain invested.

  • Should the Binding Agreement with Bank of Ireland receive regulatory 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.

  • 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.

  • 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.

  • 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.

  • You can download the KBC Ireland mobile banking app from your app store and complete the following steps:

    • - Download the app from your app store and click on 'Activate my app'
    •  
    • - We will then be asked to enter information such as your name, date of birth and mother’s maiden name. Once all the fields are complete click 'Continue'. You will get an activation code by text
    •  
    • - On the next screen you will then enter your activation code. Your User ID will pre-populate. Create your PIN to start banking

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).

Warning: These funds may be affected by changes in currency rates.
Warning: The value of your investments may go down as well as up.
Warning: Past Performance is not a reliable guide to future performance.
Warning: If you invest in this product you may lose some or all of the money you invest.