KBC exiting Ireland

Bob24

berocca2016 wrote: »

I give up... Google EU Passporting?

You just said it yourself. They are *not* passporting their banking licence here.

They are passporting their e-money licence, which does not entitle the same level of depositors protection.

berocca2016

Bob24 wrote: »

You just said it yourself. They are *not* passporting their banking licence here.

They are passporting their e-money licence, which does entitle the same level of depositors protection.

And where are the client assets held? In an EU bank. Bye Felicia

Bob24

berocca2016 wrote: »

And where are the client assets held? In an EU bank. Bye Felicia

When Revolut deposits money in a bank, there is no depositor protection scheme (they are depositing the money as an institution and those schemes only covers individual depositors)

And you still haven’t posted a single link confirming your claim that customers funds are protected by a national scheme similarity to a licensed bank.

Amirani

Just remember the nonsense around the Strokestown repossession a couple of years ago (which involved KBC). That was one that the courts actually approved, and yet it was blocked by locals and you have politicians etc. coming out and criticising KBC over repossessing a property that hadn't had a payment against it in years. I'd imagine you had many in Belgium bemused at that whole affair.

While an individual event like that won't have led to their decision, it just sort of sums up how dysfunctional our mortgage lending market can be here.

howiya

Amirani wrote: »

Just remember the nonsense around the Strokestown repossession a couple of years ago (which involved KBC). That was one that the courts actually approved, and yet it was blocked by locals and you have politicians etc. coming out and criticising KBC over repossessing a property that hadn't had a payment against it in years. I'd imagine you had many in Belgium bemused at that whole affair.

While an individual event like that won't have led to their decision, it just sort of sums up how dysfunctional our mortgage lending market can be here.

Was reading Irish Times which gave a summary of their performing and non-performing loans. €8.9bn performing vs €1.4bn npl. Madness

Cuddlesworth

Amirani wrote: »

Just remember the nonsense around the Strokestown repossession a couple of years ago (which involved KBC). That was one that the courts actually approved, and yet it was blocked by locals and you have politicians etc. coming out and criticising KBC over repossessing a property that hadn't had a payment against it in years. I'd imagine you had many in Belgium bemused at that whole affair.

While an individual event like that won't have led to their decision, it just sort of sums up how dysfunctional our mortgage lending market can be here.

One of the successful 5808 court cases in 13 years I guess. The numbers are staggering, 2.5k court cases over 5 years in the court system, thousands of mortgages in areas, thousands going on years without anything done and of course, the results of Covid to these figures will be clear. So much so that the Central Bank penned how to handle this, which effectively boils down to sure its grand. Not a single mention in the entire report about what effect this has on the financial institutions they are set to regulate or to the other customers in the market.

Cartman78

Ugghh...what a pain in the h0le.

Move to KBC from Ulster Bank a couple of years ago when UB jacked up their charges.

Also have Revolut but will probably switch main account to N26 as per the reasons mentioned in this and elsewhere

TylerRyan28

Makes you think what's the point staying in a place like this if you have the opportunity to move abroad to Australia or Canada go for it , you can always come back. This is what I will be thinking when I finish my Apprenticeship. Ireland is just going to get worse with house prices/ mortgages salary & healthcare.

Dempo1

Amirani wrote: »

Just remember the nonsense around the Strokestown repossession a couple of years ago (which involved KBC). That was one that the courts actually approved, and yet it was blocked by locals and you have politicians etc. coming out and criticising KBC over repossessing a property that hadn't had a payment against it in years. I'd imagine you had many in Belgium bemused at that whole affair.

While an individual event like that won't have led to their decision, it just sort of sums up how dysfunctional our mortgage lending market can be here.

Yes I agree but equally important not to forget the other side of the coin, the Tracker scandal. Even when mortgages performing, Banks couldn't help themselves and rightly got spanked albeit far to late for those who lost their homes.

Weepsie

Cuddlesworth wrote: »

One of the successful 5808 court cases in 13 years I guess. The numbers are staggering, 2.5k court cases over 5 years in the court system, thousands of mortgages in areas, thousands going on years without anything done and of course, the results of Covid to these figures will be clear. So much so that the Central Bank penned how to handle this, which effectively boils down to sure its grand. Not a single mention in the entire report about what effect this has on the financial institutions they are set to regulate or to the other customers in the market.

And we still have a situation in which people are overpaying for houses they can't really afford anyway because they have feck all deposit and are using help to buy. Same people are then surprised that it's expensive to kit out a house and wondering why they have no money because they never bothered learning how to save

StephenRy30

Cartman78 wrote: »

Ugghh...what a pain in the h0le.

Move to KBC from Ulster Bank a couple of years ago when UB jacked up their charges.

Also have Revolut but will probably switch main account to N26 as per the reasons mentioned in this and elsewhere

Whats wrong with Revolut? I was considering N26 aswell not sure about it maybe just as a second bank account

Akesh

The writing has been on the wall for a long time. The government has been warned about this for years but as usual nothing is done.

Pascal's quote this morning was disgraceful:

"Competition issues are primarily a matter for the Competition and Consumer Protection Commission"

Nothing to do with government policy allow mortgage holders to not pay but keep their house for years. Well done Pascal.

Arthur Daley

Salvadoor wrote: »

What has been obvious for years?

That the conditions created by the authorities do not allow the business to earn a return for the risk taken, with a strategic default culture these banks don't have to deal with elsewhere. The topic many are discussing on this thread.

Dempo1

TylerRyan28 wrote: »

Makes you think what's the point staying in a place like this if you have the opportunity to move abroad to Australia or Canada go for it , you can always come back. This is what I will be thinking when I finish my Apprenticeship. Ireland is just going to get worse with house prices/ mortgages salary & healthcare.

Thinking the same albeit I've done the apprentice thing, Travelled and lived abroad, returned, bought the house etc at an age now we're I'm stuck with this never ending S****.

TylerRyan28

Dempo1 wrote: »

Thinking the same albeit I've done the apprentice thing, Travelled and lived abroad, returned, bought the house etc at an age now we're I'm stuck with this never ending S****.

I travelled a few years ago before I decided to do an apprenticeship. Would you not sell the house and move abroad nothing to lose really

Tzardine

Sh1te.

I just switched to them last week from Ulster Bank due to their exit.

Pain in the hole.

Fred Cryton

Amirani wrote: »

Banks don't want to lend into Ireland, that's the problem. A Europe-wide lending market won't change that, unless it's also European courts that decide when properties get repossessed when mortgages don't get paid. That won't happen because Irish people wouldn't have it.

Other EU citizens won't want to take on the higher capital and reserve requirements associated with lending in Ireland either (as a result of the above). So a Europe-wide lending market isn't going to happen.

The United States of America does not have a unified banking market. IF you're in californai you can't get a mortgage from a Boston bank, unless the Boston bank sets up a separate operation in California, legally incorporated in California.



So basically the EU is in the exact same position as US regarding banking market. The banks just choose not to set up operations in Ireland because they can't get the property back from defaulters.

Cartman78

StephenRy30 wrote: »

Whats wrong with Revolut? I was considering N26 aswell not sure about it maybe just as a second bank account

Revolut is fine but the fact that N26 is German based/backed gives me more comfort for some reason....will do some more research before making any moves though.

KBC the latest on my growing list of banking snafus....have had accounts with Northern Rock, Rabobank and Ulster Bank over the years :-)

Lmkrnr

Do the N26 accounts allowed free transfers to Irish bank's?
I have kbc for current and AIB for savings. So the majority of my cash is safe so to speak. If i need withdraw a large amount I visit Aib. Wages come in (to KBC) i transfer to my savings.

That's the set up I have for free banking. What's the alternative?

namloc1980

Long term arrears is socially acceptable in Ireland. You have politicians going on about how vulnerable these people are - meanwhile the rest of us are paying the highest mortgage rates in Europe to cover the losses being accrued to these defaulters. The fact we have among the highest rates in Europe yet European banks are tripping over themselves to get out of the Irish market tells you all you need to know about how dysfunctional the legal and regulatory environment is here.

Kewreeuss

What will happen to fixed deposit accounts with KBC? Do you think they will be transferred to BOI at BOI rates?

FileNotFound

Akesh wrote: »

The writing has been on the wall for a long time. The government has been warned about this for years but as usual nothing is done.

Pascal's quote this morning was disgraceful:


Nothing to do with government policy allow mortgage holders to not pay but keep their house for years. Well done Pascal.

In fairness, this has been the case pre pascal and the main aim of any opposition parties is to make it worse.

Sad when banks leave a market they can charge more interest in because the rules mean the few drain the system.

Need to get some real rules in place, can't afford it well then its not yours

ghostdancer

There are already threads for discussing Revolut/N26:

Revolut Megathread

N26 Megathread

GarIT

Revolut have been known to lock accounts for up to 6 months at a time for suspicious transacstions such as getting your wages paid in regularly.


Check out the Revolut subreddit for 101 reasons not to use them as your main bank. I do use them for currency conversion.

Cabaal

Feck it anyway,
No loans etc with KBC but have been using them for banking after leaving Ulster Bank about 3 years ago, prior to that I was with BOI for agesss.

Loved KBC app, nice and quick, KBC are also the only bank in Ireland with Garmin Pay so seriously going to miss that as I used it everyday almost.

I have an a/c with N26 already so I'd say I'll go with them as my next bank for general day to day banking.

It amuses me when people think Revolut is equal to even N26, its certainly not and it shows a real lack of research on people's behalfs.
I fear people may eventually find out the downsides of Revolut

65535

Have a mortgage with KBC
Missed 2 payments due to Covid-19
Paying it back over a few months so all will be good but I am now classed as a defaulter I guess.

MEH

flazio

Is there anything to be said for another Credit Union?

Wanderer78

flazio wrote: »

Is there anything to be said for another Credit Union?

id go public banks tbh, but they to can be very problematic

sebdavis

flazio wrote: »

Is there anything to be said for another Credit Union?

The German credit union tried to join didnt it and CBOI blocked it

namloc1980

Wanderer78 wrote: »

id go public banks tbh, but they to can be very problematic

As long as the legal landscape means repossessions take forever to happen and politicians talk about protecting the vulnerable, then it doesn't matter if you have a super credit union or a public bank, nothing will change in the market.