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As you may already know, KBCI has begun a gradual transition to leave the Irish Market and has entered into a binding agreement with Bank of Ireland whereby they would acquire the majority of KBC Bank Ireland’s loan assets and deposits.
On 24 May 2022 this Binding Agreement received approval from the Competition and Consumer Protection Commission. This Agreement is still subject to ministerial approval.
Professional Fee Finance (PFF) and Tax and Pension Finance (TPF) Loans will move to Bank of Ireland.
We previously wrote to you to advise that KBC are no longer accepting applications for Professional Fee Finance (PFF) and Tax and Pension Finance (TPF) Loans. If you require a new loan you will need to choose a new provider.
You do not need to do anything right now. We will write to you again with more information and next steps.
In the meantime, we’re here to help with any queries.
Should we receive ministerial approval, KBC will send you a letter within the next few weeks with more details about what’s happening to your PFF/TPF Loan.
You will get plenty of notice (at least 60 days) of your Loan transferring to Bank of Ireland.
In the future, should we receive ministerial approval, Bank of Ireland will write to you as well with important information.
You will keep your current Loan rate when you transfer.
Bank of Ireland will be in touch with you regarding your payment methods.
If you are a PFF Introducer who indemnifies a KBC PFF Loan, your obligations under the indemnity will transfer to Bank of Ireland and remain in place until all loans covered by it have been repaid in full.
Any changes by Bank of Ireland 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.
You should continue to make your Loan repayments as normal.
Make sure your contact details are correct and up to date so we can keep you informed, and Bank of Ireland can contact you directly about the transfer of your Loan.
Fixed rate loan