KBC exiting Ireland

sebdavis

Was about to sign up to move savings accounts with them, the Tap2Invest. I guess that is pointless now as well

Ironically KBC is choc full of ex BOI staff who took sweet voluntary parting packages for an equally sweet new job with KBC - I wonder how the staff in general are feeling this morning- there’s very few bank jobs out there at those sort of salaries now.

Allinall

lawrencesummers wrote: »

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.

The consumer is the state. One and the same.

SteM

sebdavis wrote: »

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

If the performing loan book is sold and transferred to BOI then your fixed rate stays in place. I would imagine any cost to break your contract would remain in place too.

sebdavis

SteM wrote: »

If the performing loan book is sold and transferred to BOI then your fixed rate stays in place. I would imagine any cost to break your contract would remain in place too.

Damn...

Dublinandy3

What about if you have pre approval with kbc for a mortgage, would anyone have any insight or hazard an educated guess?

How would the current accounts work? Would it stay as kbc offer but under the boi name? I left boi a few years ago because they were tosh

Bob24

lawred2 wrote: »

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

Nope, they have a Lithuanian banking licence but their Irish business is not conducted under that licence (while N26’s business here is indeed conducted under their German banking licence).

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

“As Revolut has a banking licence in Lithuania, its customers there are covered by Lithuania's own version of the DGS up to €100,000. Had Revolut passported its banking licence from Lithuania to Ireland then customers of Revolut in Ireland would also have been covered by the Lithuanian deposit protection scheme. But this hasn’t happened.

Instead, as previously mentioned, Revolut is using its Lithuanian e-money licence to operate here, so customers in Ireland aren't protected by any Deposit Guarantee Scheme.”

howiya

sebdavis wrote: »

Damn...

Is there a reason you'd want to move your mortgage? Better rate somewhere else?

If so work out the saving over the remaining term it might be more than the break fee.

feargantae

Late last year they announced when they were closing 4 branches they said they remained to the Irish matket and its customers. This just proves they were lying through their hole.

lawred2

Bob24 wrote: »

Nope, they have a Lithuanian banking licence but their Irish business is not conducted under that licence (while N26’s business here is indeed conducted under their German banking licence).

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

“As Revolut has a banking licence in Lithuania, its customers there are covered by Lithuania's own version of the DGS up to €100,000. Had Revolut passported its banking licence from Lithuania to Ireland then customers of Revolut in Ireland would also have been covered by the Lithuanian deposit protection scheme. But this hasn’t happened.

Instead, as previously mentioned, Revolut is using its Lithuanian e-money licence to operate here, so customers in Ireland aren't protected by any Deposit Guarantee Scheme.”

Good to know. Opening N26 business account today then.

sebdavis

howiya wrote: »

Is there a reason you'd want to move your mortgage? Better rate somewhere else?

If so work out the saving over the remaining term it might be more than the break fee.

I was just asking KBC as they had new rates. Im on fixed.

So far my mortgage has been with Irish Nationwide, IBRC, spent a few weeks with AIB, moved to BOI, which I quickly shut down and sent to KBC.....now on it's way back to BOI. The only one of those moves I made was the KBC one

Irish banking is such a f**king mess

youcancallmeal

Have my mortgage and current account with KBC. Mortgage is about to finish up a very good fixed term rate in a few month so I'm guessing I could be on some crappy variable BOI rate then and also paying the mandatory BOI €6 a month current account fees. Have to wonder has this been in offing for a while now, I know a lot of people moved to KBC when BOI introduced the new current account fees last year but maybe BOI didn't care because they knew they be getting them all back. Also wonder if the recent phoenix7 thing is related

sebdavis

feargantae wrote: »

Late last year they announced when they were closing 4 branches they said they remained to the Irish matket and its customers. This just proves they were lying through their hole.

Covid
Anything a company said 6 months ago, 3 months ago even is worthless

Wanderer78

feargantae wrote:

Late last year they announced when they were closing 4 branches they said they remained to the Irish matket and its customers. This just proves they were lying through their hole.

Banks and lying, sounds about right! To be fair to them, things change

sebdavis

youcancallmeal wrote: »

Have my mortgage and current account with KBC. Mortgage is about to finish up a very good fixed term rate in a few month so I'm guessing I could be on some crappy variable BOI rate then and also paying the mandatory BOI €6 a month current account fees. Have to wonder has this been in offing for a while now, I know a lot of people moved to KBC when BOI introduced the new current account fees last year but maybe BOI didn't care because they knew they be getting them all back. Also wonder if the recent phoenix7 thing is related

Avant money look interesting. I have had credit cards with them since they where MBNA I think it iwas. Have CC and car loan now, I did pay off car loan early. They have really low rates

karlitob

youcancallmeal wrote: »

Have my mortgage and current account with KBC. Mortgage is about to finish up a very good fixed term rate in a few month so I'm guessing I could be on some crappy variable BOI rate then and also paying the mandatory BOI €6 a month current account fees. Have to wonder has this been in offing for a while now, I know a lot of people moved to KBC when BOI introduced the new current account fees last year but maybe BOI didn't care because they knew they be getting them all back. Also wonder if the recent phoenix7 thing is related

Same here. Any ideas about whether you’ll fix for a longer time period now. I presume the rate will hold when mortgage goes to boi.

adox

Pain now to move everything again. I already had an account with them when I had my BOI account(which was used for wages, bills etc) but used them as my main account when the BOI charges were announced.

Think I will shift to N26 for the time being.

Any similar credit card offers out there similar to KBC offering cash back?

This is a disaster for Irish Consumers. We already have the highest mortgage rates in Europe. We need a europe-wide lending market. Mortgages rates will get out of control. Think the car insurance racket on steroids. Interest rates are at an all time low. Don't envy young people with large mortgages over the next few decades.

sebdavis

adox wrote: »

Pain now to move everything again. I already had an account with them when I had my BOI account(which was used for wages, bills etc) but used them as my main account when the BOI charges were announced.

Think I will shift to N26 for the time being.

Any similar credit card offers out there similar to KBC offering cash back?

Avant is offering cash back, or it did when I signed up, I get 10 a month once I spend so much, I moved from KBC credit card to them, think they had a better interest rate as well

feargantae

Dublinandy3 wrote: »

What about if you have pre approval with kbc for a mortgage, would anyone have any insight or hazard an educated guess?

How would the current accounts work? Would it stay as kbc offer but under the boi name? I left boi a few years ago because they were tosh

Your mortgage would be honoured under current terms for the duration. It's not much different to when banks sell them to vulture funds anyway.

As for the current accounts itself they'll likely move customers over and fall under BOIs fee structure.

griffdaddy

Do I have to roll my KBC mortgage over to BOI or can I move it to Avant now without any break fees? I'm about 3 years into a 10 year fixed term.

howiya

feargantae wrote: »

Late last year they announced when they were closing 4 branches they said they remained to the Irish matket and its customers. This just proves they were lying through their hole.

I think if you look at how they've been rolling out their own products it would appear that they were intending to remain committed to Ireland. As someone else said earlier the impression I got from the CEOs interview on morning Ireland is that an offer has come from BOI.

A lot has happened since that branch closure announcement. BOI weren't really mentioned in the shake out of Ulster so it's a logical step for them.

adox

sebdavis wrote: »

Avant is offering cash back, or it did when I signed up, I get 10 a month once I spend so much, I moved from KBC credit card to them, think they had a better interest rate as well

Thanks. Not worried about interest rates as I clear it on time. Will have a look.

youcancallmeal

karlitob wrote: »

Same here. Any ideas about whether you’ll fix for a longer time period now. I presume the rate will hold when mortgage goes to boi.

I actually submitted an application for a new fixed term rate last week, even better than my last one as the loan to value is below 80% now. I'm worried they may not accept it, I guess it depends how quickly this sale is going to happen and what services KBC will offer during any transition period. I'lll have to ring them next week, I would imagine their call center will be bombarded today

ghostdancer

I've just started the process of switching my mortgage to KBC (from AIB)./
Should I bother continuing with the process?
I'm more interested in if the €3000 switcher offer will be honoured, as I assume the fixed rate/term I sign up for would continue after a sale.

This is a disaster for Irish Consumers. We already have the highest mortgage rates in Europe. We need a europe-wide lending market. Mortgages rates will get out of control. Think the car insurance racket on steroids. Interest rates are at an all time low. Don't envy young people with large mortgages over the next few decades.

100%.

feargantae

sebdavis wrote: »

Covid
Anything a company said 6 months ago, 3 months ago even is worthless

Fair enough to a degree but for them to come along and go out of their way to assure customers they're committed to this market and then just do something like this barely 4 months later.... It's just such a bank thing to do!!

berocca2016

Bob24 wrote: »

Nope, they have a Lithuanian banking licence but their Irish business is not conducted under that licence (while N26’s business here is indeed conducted under their German banking licence).

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

“As Revolut has a banking licence in Lithuania, its customers there are covered by Lithuania's own version of the DGS up to €100,000. Had Revolut passported its banking licence from Lithuania to Ireland then customers of Revolut in Ireland would also have been covered by the Lithuanian deposit protection scheme. But this hasn’t happened.

Instead, as previously mentioned, Revolut is using its Lithuanian e-money licence to operate here, so customers in Ireland aren't protected by any Deposit Guarantee Scheme.”

You're wrong!!! Stop paraphrasing bonkers.ie as a source!

As per revolut "A few weeks ago, we let you know that we would move our EU Revolut customers to our European entity in Lithuania (“Revolut Payments UAB”). Today we have officially made the switch".

Also from Revolut " If you are registered to the Revolut Bank UAB and Revolut Payments UAB entity:

Almost all deposits with Revolut Bank UAB are insured by the Lithuanian State Company “Deposit and Investment Insurance” (VĮ “Indėlių ir investicijų draudimas”). This means that if an insured deposit is not returned as a result of an inability of Revolut Bank UAB to fulfil its financial obligations, the Lithuanian State Company “Deposit and Investment Insurance” shall pay the deposit insurance compensation for deposits to the depositors. The maximum amount of insurance compensation for deposits with Revolut Bank UAB for a single depositor is EUR 100,000. The amount of deposit insurance compensation is determined by aggregating all the deposits held with Revolut Bank UAB. Please note that certain deposits are not insured. More details regarding deposit insurance are available here."

Fred Cryton

godtabh wrote: »

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

You would think our politicians might implement reforms on that point. But getting people out of houses, even if they're not paying for them, is just political suicide in Ireland. Expect absolutely nothing to be done on that point.

cms88

Student_111 wrote: »

This is a disaster for Irish Consumers. We already have the highest mortgage rates in Europe. We need a europe-wide lending market. Mortgages rates will get out of control. Think the car insurance racket on steroids. Interest rates are at an all time low. Don't envy young people with large mortgages over the next few decades.

Ireland also has a huge rate of non payment of mortgages as well yet the Irish consumer ha no issues with that.