KBC exiting Ireland

Sheep Shagger

GarIT wrote: »

The state should set up a bank imo. No Frills, no Fees. Just current accounts and debit cards.

Governments are not designed to run banks and if the sector was run properly they wouldn't need too.

I don't understand why people thing a bank should run a business with technology and a branch infastructure without any fees?

How are things supposed to pay for themselves (and don't say "they have use of our money") as that's not worth anything in a negative interest rate environment.

This is off topic anyway.

listermint

sebdavis wrote: »

The biggest competitor to all "old" Banking like AIB/BOI etc is Fintechs. Plenty of articles explaining why

Plenty of people have no issue moving from one bank to another to reduce fee's. Especially with the new laws around open banking. Trying to say they won't is "internet talk"
The one person who has no issue is the hated millennial. Gone is the day of opening and account with one bank and staying with them for life

I'm the contrary I'm fully versed in fintech my friend. One of the first Irish customers of revolut. That posters not moving for a fiver . Was my point

Traumadoc

godtabh wrote: »

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

Did BOI come to them with an offer they could not refuse?
Thats what it sounded like.

DaveyDave

We moved all our bank accounts to KBC last year and got a mortgage with them at the same time. Best rates going, best banking experience and no fees. Google Pay is a big plus also. Being a cashless bank meant I could walk into a branch, nobody else was ever there. Anytime I went to PTSB or AIB there was always mad queues. Loved how easy it was.

App experience is hands down the best, Permanent TSB won't let you transfer money to someone if it's in your savings account so you have to transfer it to your own current account then to the payee. You can do that with KBC, along with setup a new payee on the app and fingerprint login. Easily the best app going.

**** sake.

It would be nice if people not paying their mortgages got kicked out after 6-12 months.

Bob24

Traumadoc wrote: »

Did BOI come to them with an offer they could not refuse?
Thats what it sounded like.

Some of it probably relates to BOI trying to buy out a growing competitor rather than upping their game.

But I hope this is not the main reason (if it was, it should be a clear investigation matter for financial and consumer protection regulators, especially in the context of Ulster Bank already pulling the plug).

Teothican

i am a KBC customer and was wondering if my bank account will be moved to BOI with a Current account card and pin sent out ?

sebdavis

Teothican wrote: »

i am a KBC customer and was wondering if my bank account will be moved to BOI with a Current account card and pin sent out ?

Not for years but yes it looks like it will

Bob24

Teothican wrote: »

i am a KBC customer and was wondering if my bank account will be moved to BOI with a Current account card and pin sent out ?

You are way too early with this question as the possible closure of your KBC account (which might never happen) is probably years ahead.

Plus what BoI is interested in is the portfolio of performing mortgages, so I’d say what happens to current account holders isn’t even relevant to them it this stage. It will be a marketing decision what to do with them if the time comes whereby KBC is closing those accounts.

Sheep Shagger

TBH you can't blame banks for pulling out of this country. Where else can you not pay your mortgage (even strategically) and you can't be thrown out.....

sebdavis

Sheep Shagger wrote: »

TBH you can't blame banks for pulling out of this country. Where else can you not pay your mortgage (even strategically) and you can't be thrown out.....

You think it is bad now, some of the parties in opposition would like MORE restrictions to stop banking throwing people out who don't pay their mortgage. So expect bank fees to sky rocket if they go into government

storker

Surely what we need is a true single market in banking - where the same rules apply across all member states.

growleaves

Given the ridiculous boom-bust dynamics of both the global and local economy, banks would be raking in defaulted assets almost like clockwork approx every ten years, e.g. 2008, 2020-1, 2029, 2038 etc., etc. without political interference if they could.

How can anyone support this lock-down of the economy and also complain - with a straight face - that banks haven't been allowed to collect on defaulted loans?

KBC take their ball and go home. So sad.

sebdavis

growleaves wrote: »

Given the ridiculous boom-bust dynamics of both the global and local economy, banks would be raking in defaulted assets almost like clockwork approx every ten years, e.g. 2008, 2020-1, 2029, 2038 etc., etc. without political interference if they could.

How can anyone support this lock-down of the economy and also complain - with a straight face - that banks haven't been allowed to collect on defaulted loans?

KBC take their ball and go home. So sad.

People who took out 500k 100% mortgages in the knowledge they would never have the ability to pay it off so they can "get on the property ladder" are the problem. The same people 10 years on are complaining now because they can't get 100% mortgages anymore

If Banks could take houses off these people they might actually learn a lesson instead of taking out the mortgage in the knowledge they will never have to pay it off and probably have a free years of rent free accomodation

People are sick of paying over the odds for the rest......

Eire Go Brach

Its a vicious circle. People complain about the Central Bank restrictions. Yet its the Banks fault that they where brought in the first place.

I have no interest in giving any of the Irish banks my business, for what they done to our country. We are in the EU we should be allowed bank in any country.
I say let the Irish banks burn.

The J Stands for Jay

Eire Go Brach wrote: »

Its a vicious circle. People complain about the Central Bank restrictions. Yet its the Banks fault that they where brought in the first place.

I have no interest in giving any of the Irish banks my business, for what they done to our country. We are in the EU we should be allowed bank in any country.
I say let the Irish banks burn.

But the Scottish, English, Danish and Dutch banks have left us. The Spanish better stick around for a while.

y0ssar1an22

i just got an account set up with them a few days ago cos of BOI's fees. they will still be in ireland, but would you be hampered at all trying to get a loan from AIB/BOI while you bank with KBC?

Wanderer78

Eire Go Brach wrote: »

Its a vicious circle. People complain about the Central Bank restrictions. Yet its the Banks fault that they where brought in the first place.

I have no interest in giving any of the Irish banks my business, for what they done to our country. We are in the EU we should be allowed bank in any country.
I say let the Irish banks burn.

...it would hardly lead to a catastrophic financial sector collapse, would it?

thunderdog

When Ulster Bank announced they were leaving the ROI market l, I was surprised that BOI weren’t mentioned in acquiring any of their portfolios. Makes sense now that they had a KBC deal going on in the background

retalivity

Bob24 wrote: »

Some of it probably relates to BOI trying to buy out a growing competitor rather than upping their game.

But I hope this is not the main reason (if it was, it should be a clear investigation matter for financial and consumer protection regulators, especially in the context of Ulster Bank already pulling the plug).

This is the crux of it, BOI IT and internals are a basket case, worse than the other 2 remaining banks (I've worked for all 3). It stinks of "Ah fcuk trying to improve, lets just buy these new upstarts out". Removes a competitor, brings in more performing book value, they don't really need to fix any of the existing problems

sebdavis

y0ssar1an22 wrote: »

i just got an account set up with them a few days ago cos of BOI's fees. they will still be in ireland, but would you be hampered at all trying to get a loan from AIB/BOI while you bank with KBC?

No

Slutmonkey57b

retalivity wrote: »

This is the crux of it, BOI IT and internals are a basket case, worse than the other 2 remaining banks (I've worked for all 3). It stinks of "Ah fcuk trying to improve, lets just buy these new upstarts out". Removes a competitor, brings in more performing book value, they don't really need to fix any of the existing problems

But they've got an app now! And they've retired the old website with all its functionality and replaced it with the new shiny app!

Look an app!

10000maniacs

McGaggs wrote: »

To make money, you need to have lots of customers. There's a limited amount of new customers, since essentially every adult has a bank account. That means that to get customers, you need to take them from existing banks. The majority of Irish people do not change banks. Someone came into their class from the bank and gave them a moneybox and a savings account. The only change they ever make is to take the mammy's name off the account and convert it to a current account. Having done that for generations with their squirrels or hippos or whatever on their moneyboxes, the big 3 have the market sown up. Any new entrants need to spend a fortune to get market share. It usually doesn't work out.

Doesn't help that interest rates have been less than 1% for nearly 10 years.

jmayo

McGaggs wrote: »

To make money, you need to have lots of customers. There's a limited amount of new customers, since essentially every adult has a bank account. That means that to get customers, you need to take them from existing banks. The majority of Irish people do not change banks. Someone came into their class from the bank and gave them a moneybox and a savings account. The only change they ever make is to take the mammy's name off the account and convert it to a current account. Having done that for generations with their squirrels or hippos or whatever on their moneyboxes, the big 3 have the market sown up. Any new entrants need to spend a fortune to get market share. It usually doesn't work out.

Simplistic and totally ignoring the elephant in the room.
Banks came into this country and offered attractive mortgages, often to borrowers that others would not readily touch.
It was a market available.

They probably shouldn't have done some of the business they did what with 100% loans and all, but their growing market share meant the old indeginous banks had to start offering better deals to their long suffering customers.

But then they all over egged the market and our own banks were the worst.

The ar** fell out of things and unlike every normal functioning country in the world our government refused to allow chancers and people often unwilling to repay their debts to keep the assets.
Hence foreign banks, who couldn't run to the Irish taxpayer to demand a bailout, had to ask their parent company (often the parents company's country of origin taxpayers) to bail them out.

So why would foreign banks stick around when this is the climate in which they have to do business.

PS Irish banks have always been a pile of wan**rs.

Way back even as real Celtic Tiger was beginning, I watched how one of our main banks made people running small manufacturing businesses squirm and grovel.

When they called to small companies they had them jumping through hoops and these same banks a decade or so later were pi**ing money away
with developers in half baked supposed business ventures, which were often building properties that nobody wanted in the ar**hole of nowhere.

Just remember how many times AIB has screwed the taxpayers and it's own customers, often with connivance of the regulators.

For anyone that doesn't know of him, look up Eugene McErlean.

https://www.independent.ie/lifestyle/the-good-banker-who-blew-the-whistle-and-then-lost-his-job-26690168.html

growleaves wrote: »

Given the ridiculous boom-bust dynamics of both the global and local economy, banks would be raking in defaulted assets almost like clockwork approx every ten years, e.g. 2008, 2020-1, 2029, 2038 etc., etc. without political interference if they could.

How can anyone support this lock-down of the economy and also complain - with a straight face - that banks haven't been allowed to collect on defaulted loans?

KBC take their ball and go home. So sad.

So the fact chancers who didn't pay their mortgage between 2008/2009 and 2020 and hadn't their properties repossessed is all because of Covid hitting in spring 2020. :rolleyes:

Interesting take on the world's biggest defaulting numbers and lack of repossessions in Ireland.

BTW covid lockdown for the greater good of society.
Not repossessing those in default for many years just for the good of the individuals involved.

Failure to notice the difference ? hmmm

Jim2007

Eire Go Brach wrote: »

I have no interest in giving any of the Irish banks my business, for what they done to our country. We are in the EU we should be allowed bank in any country.
I say let the Irish banks burn.

There is nothing stopping you doing business with any EU bank as it stands. Except that they don't want to do business with you and they can't be forced to. This is an industry wide crises and banks everywhere are facing the same issues.

At this point in time it's anyones guess how this will pan out. For certain, you will have to pay more and that assumes you can even find a bank that will be willing to take you on as a customer beyond a general legal requirement to provide basic banking services.

AndrewJRenko

Student_111 wrote: »

Who says that? Of course it also happens in the private sector, but its not tax payers money being blown so it happens less often.

Also, gov still have major influence in Irish banks.

Are you sure it happens less often? Or is it that you hear about it less often, because they don't wash their dirty linen in public?

AndrewJRenko

Sheep Shagger wrote: »

I don't care about cost overruns along as my tax money ism't paying for it. Bank staff including the CEO are accountable to shareholders at the AGM.

BOI is now virtually out of state hands.

Okay then, it's just your bank fees and your mortgage rates that are paying for it?

AndrewJRenko

Teothican wrote: »

i am a KBC customer and was wondering if my bank account will be moved to BOI with a Current account card and pin sent out ?

No one knows yet. They could continue to operate KBC as a separate brand, as AIB did with EBS.

growleaves

jmayo wrote: »

So the fact chancers who didn't pay their mortgage between 2008/2009 and 2020 and hadn't their properties repossessed is all because of Covid hitting in spring 2020. :rolleyes:

Interesting take on the world's biggest defaulting numbers and lack of repossessions in Ireland.

BTW covid lockdown for the greater good of society.
Not repossessing those in default for many years just for the good of the individuals involved.

Failure to notice the difference ? hmmm

I didn't mean edge cases like people who took out 100% mortgages and make no effort to pay ever. I'm not against repossession in all instances. Yes it is unfair on banks in many of these cases, I admit that.

My point is this. Mortgages are predicated on (theoretical) economic stability. When that stability turns out to be illusory, political interference bridges the gap between lack of economic stability and the personal destruction of ordinary people.

Without this political protection there could be scenarios where huge numbers of borrowers are going to the wall. As I said the banks would be fine with that and given the boom-bust dynamic they would happy to repossess as much as possible and then repeat the process over and again every 10 years or so. They aren't being allowed to play this shell game because the political fallout would find its way back to TDs.

People who say we have a national duty to crash our economy should not be whining about the inability of banks to collect on defaulted assets in general. The protection of borrowers is mostly a good thing though it does go too far covering some people who were never going to pay.

beggars_bush

So is someone hoping that credit unions fill this gap or what?

Taylor365

Right.

What is the best setup to not be dependent on any Irish bank? (ptsb/aib/boi/ebs)