KBC exiting Ireland

berocca2016

lassykk wrote: »

Or offer any deposit guarantee scheme

I love revolut by the way just they don't offer any security for anything over what I'm willing to pay online

They're covered by Lithuania's banking guarantee scheme up to 100k.

Hoboo

Dempo1 wrote: »

My impression after ceo"s interview is BOI approached KBC about a take over?

I'm not surprised, they could do without the KBC headache for their plans, last thing you need is a superior product or service that charges/costs next to nothing.

lawred2

Dempo1 wrote: »

My impression after ceo"s interview is BOI approached KBC about a take over?

Are BoI still not part owned by the state?

So is the Irish government ok with a move to reduce competition?

Infini

[Deleted User] wrote: »

Feck sake, I just moved to KBC from Ulster Bank

Moved from AIB myself after the feckers ended their free banking policy last year. Bloody Joke that they're pulling out now all of a sudden. I suppose there is N26 if needs be but the Irish Banks will definately start acting the bollocks if its just the 3 of them left here.

Bobeagleburger

Do Revolut have a banking licence?

Bob24

They are the only decent all-rounder Irish bank standing :-/

Ok mortgage rates, ok (to 2021 standards) saving rates, OK App and tech, and free banking.

Clearing not good for consumers! The likes of N26 is fine as a current account replacement, but lacking many banking services that everyone will need at one stage in their life.

Busi_Girl08

lawred2 wrote: »

Are BoI still not part owned by the state?

So is the Irish government ok with a move to reduce competition?

Paschal will be on RTE shortly. Will be interesting to see what that response is.

Hoboo

berocca2016 wrote: »

They're covered by Lithuania's banking guarantee scheme up to 100k.

If you're in Lithuania. They use an ebanking licence here, so we are not covered

Bob24

godtabh wrote: »

The consequence of not been able to call in loans if people default

Exactly right. The government and the CBI will never admit it, but their policies in this area are driving away any foreign competition and forcing the majority of borrowers who are decent people to pay higher rates in order to keep the banks afloat as they have no recourses against a minority of chancers.

Infini

Hoboo wrote: »

If you're in Lithuania. They use an ebanking licence here, so we are not covered

I wouldnt recommend Revolut as a full time current account as while they're fine for small change and lower scale payments I wouldnt want to be caught out if something goes wrong and the account is locked. N26 tho would do the job as its a full bank. Im not paying these vultures to hold my money so if it comes to it ill reopen an account with N26.

PCros

For people wondering about Revolut...

https://www.bonkers.ie/blog/banking/is-your-money-safe-with-revolut/

Basically no guarantee at all but the money is held by JP Morgan and Revolut have no access to it. But if JP Morgan went bust aswell then that's a different story.

howiya

lawred2 wrote: »

Are BoI still not part owned by the state?

So is the Irish government ok with a move to reduce competition?

14% shareholding so it doesn't really matter what the government think. They'd be outvoted by other shareholders. Plus the value of that shareholding will most likely increase on the news.

lawred2

howiya wrote: »

14% shareholding so it doesn't really matter what the government think. They'd be outvoted by other shareholders. Plus the value of that shareholding will most likely increase on the news.

A vested interest in reduced competition.

Very Irish.

Hoboo

Infini wrote: »

I wouldnt recommend Revolut as a full time current account as while they're fine for small change and lower scale payments I wouldnt want to be caught out if something goes wrong and the account is locked. N26 tho would do the job as its a full bank.

I agree, I use both. Transfer to Revolut as I need. Used the ATM once with Revolut and the cash didn't come out, took 2 weeks to get back in my account. Was fine because I have other cards and cash but I remember a time when that's all I might have had and I'd have been screwed.

Busi_Girl08

I have an AIP with KBC, in the last week or so they very quickly shut up shop on LTI exceptions and according to our broker will be launching a new underwriting calculator from Monday making it nearly impossible for anyone to get a decent mortgage. This explains why.

cms88

Bob24 wrote: »

Exactly right. The government and the CBI will never admit it, but their policies in this area are driving away any foreign competition and forcing the majority of borrowers who are decent people to pay higher rates in order to keep the banks afloat as they have no recourses against a minority of chancers.

Not the mention a number of political parties and the general public of course

lawrencesummers

lawred2 wrote: »

Are BoI still not part owned by the state?

So is the Irish government ok with a move to reduce competition?

The problem with the Gov owning a portion of BOI is that the less competition in the market the more profitable BOI can be therefore the greater return the government can get from BOI.

So less competition is bad for the consumer, but it’s good for the state. Go figure.

shanec1928

zell12 wrote: »

EBS are part of AIB, which bought it for one euro in 2011

if you have seen ebs so called online banking you will get the comment. my local credit union has better online services then them

lawred2

Hoboo wrote: »

I agree, I use both. Transfer to Revolut as I need. Used the ATM once with Revolut and the cash didn't come out, took 2 weeks to get back in my account. Was fine because I have other cards and cash but I remember a time when that's all I might have had and I'd have been screwed.

Are the N26 business accounts protected by the deposit scheme in Ireland?

10000maniacs

I really can't blame these banks for pulling out of Ireland. Too much government interference and too much legislation to allow people to hold onto their houses even if they default on their mortgage. If they can't make a profit under these circumstances, why stay in this market. Reposession is virtually impossible and can take years.

terminator74

Peterd66 wrote: »

Another bank driven out by Central Bank policy and approach and a warning to any new lenders thinking about entering the market.

Care to define how the Central Bank policy is to blame here?

Maybe you think the CBI impose reserve requirements just for the craic?

......

Or that reserve requirements necessary to ensure a functioning monetary policy?

Or that without such a policy there may be a destabilization of money market interest rates or a structural liquidity deficit?

Or that the minimum reserves are required to make provision for our high levels of Non Performing Loans? Irish lenders are compelled to hold larger capital reserves, three times more that their European counterparts

or that because of the protections afforded to mortgage borrowers (guaranteed and devised by the CBI under the CCMA) means that Banks have little to no recourse to retrieve their non payment of mortgages?

Or that as part of the SSM we are required to impose these capital requirements?

but yeah, the Central Bank are driving banks out

Infini

lawred2 wrote: »

Are the N26 business accounts protected by the deposit scheme in Ireland?

N26 is German so they're under the German deposit scheme but its pretty much the same as here as its an EU protection in the end.

lawred2

Infini wrote: »

N26 is German so they're under the German deposit scheme but its pretty much the same as here as its an EU protection in the end.

Does the same not hold for revolut then only swap Lithuania for Germany?

L1011

BOI obviously missed my mortgage so much they had to buy the new bank...

KBC only started advertising investment services heavily in the past week or so, so this 'may remain as a retail bank and insurance broker' idea is actually plausible. Though considering there is no money in current account banking, it'd clearly be mad.

munster87

Any estimate on how long they will still operate in Ireland? Will it be fairly swift or could this be a year from now

berocca2016

Hoboo wrote: »

If you're in Lithuania. They use an ebanking licence here, so we are not covered

No you're incorrect, they use a license granted in Lithuania and passport into Ireland. The depositary guarantee scheme does cover deposits from Irish nationals.

sebdavis

I have everything with them, including a fixed mortgage. If they are leaving does that mean the fixed contract is broken and I can move to anyone else? they want me to pay 2k to break it

Weepsie

munster87 wrote: »

Any estimate on how long they will still operate in Ireland? Will it be fairly swift or could this be a year from now

Interested in this too. Presume my mortgage contract with KBC still holds too. BoI had the worst rates for us. I might try to switch right before it changes.

Wanderer78

terminator74 wrote:

but yeah, the Central Bank are driving banks out

Ah shur another banking crisis would be better craic this time around!

Dempo1

Busi_Girl08 wrote: »

Paschal will be on RTE shortly. Will be interesting to see what that response is.

He was and painful nonsense, he thinks the remaining 3 will offer even greater compensation, he's obviously not had his weetabix, foolish statement