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KBC exiting Ireland

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Comments

  • #92
    10000maniacs
    Registered Users Posts: 4,788 ✭✭✭10000maniacs


    I wonder will the shinners continue to call for mortgage breaks and deferrals. They love spending other peoples money and never see the big picture and the damage they are doing with their blabbering.


  • #93
    GBX
    Registered Users Posts: 11,891 ✭✭✭✭GBX


    Dont have a mortgage. Was recently in the process of moving my day to day banking to KBC, but they wouldnt accept my passport card. Never finalised the process. Will look at using N26 for the majority of stuff now.
    I read on here about some peolpe having issues with N26 ibans - https://support.n26.com/en-eu/payments-transfers-and-withdrawals/direct-debits-and-standing-orders/what-to-do-if-my-n26-iban-is-not-accepted


  • #94
    SteM
    Registered Users Posts: 6,523 ✭✭✭SteM


    griffdaddy wrote: »
    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.

    Nothings happened yet, move and you will be charged the breaking fee. Even if and when the book is sold to BOI your mortgage will go with it and if you transfer to avant you will be charged whatever BOIs breaking fee is.


  • #95
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    feargantae wrote: »
    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!!

    Shops sell gift vouchers right up to the minute they go out of business, despite knowing they're in financial straights - it's just life unfortunately and all businesses do it.


  • #96
    Supercell
    Registered Users Posts: 15,316 ✭✭✭✭Supercell


    So looks like N26 is the place to go, they dont do joint accounts though their N26 Smart account offers an extra card for a one off fee which pretty much accomplishes that. I wonder if you can go to the "smart" account, get the extra card and then downgrade to the free account? Nothing in the smart account makes me want to fork out €4.90 a month for it at all.
    https://www.loughlinstown.ie

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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  • #97
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    10000maniacs wrote: »
    I wonder will the shinners continue to call for mortgage breaks and deferrals. They love spending other peoples money and never see the big picture and the damage they are doing with their blabbering.

    Of course they will - now they can just blame the gov for loss of competition in the banking sector.

    Oh well. Higher mortgage rates ahead.


  • #98
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    cms88 wrote: »
    Ireland also has a huge rate of non payment of mortgages as well yet the Irish consumer ha no issues with that.

    I have an issue with that. So do most people I know. I think there should be much more evictions and repossessions for non-payment.


  • #99
    feargantae
    Registered Users Posts: 535 ✭✭✭feargantae


    Supercell wrote: »
    So looks like N26 is the place to go, they dont do joint accounts though their N26 Smart account offers an extra card for a one off fee which pretty much accomplishes that. I wonder if you can go to the "smart" account, get the extra card and then downgrade to the free account? Nothing in the smart account makes me want to fork out €4.90 a month for it at all.
    It's a 12 month contract. Same with Revolut and their premium banking offers.


  • #100
    PommieBast
    Registered Users Posts: 2,555 ✭✭✭PommieBast


    Student_111 wrote: »
    We need a europe-wide lending market. Mortgages rates will get out of control.
    Think there already is a nascent one, but bank in other EU countries simply refuse to lend for Irish residential property.


  • #101
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    berocca2016 wrote: »
    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."

    Any link you can share to back your statement?

    This one from March doesn’t include Ireland in the markets covered by Revolut Bank (the entity which has the banking licence). And I couldn’t find anything newer.

    https://techcrunch.com/2021/03/03/revolut-lets-customers-switch-to-revolut-bank-in-10-additional-countries/


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  • #102
    Arthur Daley
    Registered Users Posts: 4,354 ✭✭✭Arthur Daley


    Fred Cryton wrote: »
    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.

    Eventually international finance says we can't do business in this market, there isn't enough return for the risk, the Irish authorities put strategic defaulters ahead of the common good. How many votes are in that. Not that many I'd think you'll find, but plough on.


  • #103
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    PommieBast wrote: »
    Think there already is a nascent one, but bank in other EU countries simply refuse to lend for Irish residential property.

    You're correct. Didn't know that. The protections need to be reduced then, to allow repossessions for non-payment, to reduce the risk for lenders and help responsible borrowers.


  • #104
    SteM
    Registered Users Posts: 6,523 ✭✭✭SteM


    godtabh wrote: »
    The consequence of not been able to call in loans if people default

    Pat Kenny just brought this up with Paschal Donohoe who BS'd the answer of course.


  • #105
    namloc1980
    Registered Users Posts: 18,058 ✭✭✭✭namloc1980


    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 is a dysfunctional mortgage market. People can go years and years without paying their mortgage and the lender can't get any legal satisfaction with repossession proceedings taking years and years.

    There is nothing to stop a European lender setting up shop in the morning in Ireland but why would they bother: the legal and regulatory framework here in Ireland is dysfunctional and presents large barriers to entry.


  • #106
    berocca2016
    Registered Users Posts: 242 ✭✭berocca2016


    Bob24 wrote: »
    Any link you can share to back your statement?

    This one from March doesn’t include Ireland in the markets covered by Revolut Bank (the entity which has the banking licence). And I couldn’t find anything newer.

    https://techcrunch.com/2021/03/03/revolut-lets-customers-switch-to-revolut-bank-in-10-additional-countries/

    Revolut terms and conditions? As an e money institution the client deposits are safeguarded in credit institutions which are covered by the depositary guarantee scheme. This now seems to be the official revolut bank that holds the deposit.

    Just because Revolut Bank aren't offering credit services here does not mean your deposit is not protected.


  • #107
    adox
    Registered Users Posts: 19,015 ✭✭✭✭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

    Had a look there and they do but unfortunately dont support Google Pay which is a deal breaker for me.


  • #108
    Arthur Daley
    Registered Users Posts: 4,354 ✭✭✭Arthur Daley


    This didn't happen overnight. It's been obvious for years. The minister of finance is scrambled to go out on the radio. Talk about after the horse is bolted.


  • #109
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    namloc1980 wrote: »
    Ireland is a dysfunctional mortgage market. People can go years and years without paying their mortgage and the lender can't get any legal satisfaction with repossession proceedings taking years and years.

    There is nothing to stop a European lender setting up shop in the morning in Ireland but why would they bother: the legal and regulatory framework here in Ireland is dysfunctional and presents large barriers to entry.

    Correct I didn't know that, thanks. We need to make it easier to reposses houses for non-payment , to encourage lenders to enter the market and protect responsible borrowers.


  • #110
    Salvadoor
    Registered Users Posts: 275 ✭✭Salvadoor


    Arthur Daley wrote: »
    This didn't happen overnight. It's been obvious for years.The minister of finance is scrambled to go out on the radio. Talk about after the horse is bolted.


    What has been obvious for years?


  • #111
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    PommieBast wrote: »
    Think there already is a nascent one, but bank in other EU countries simply refuse to lend for Irish residential property.

    To expend on this, it is not as much that they don’t want to lend for Irish residential property, but more that they don’t want to accept the property itself as a collateral for the mortgage (due to they fact that a foreign bank pretty much has zero chance of repossessing an Irish house in an cost effective manner in case the loan stops performing).

    But I have heard of people who did get foreign loans for the purpose of buying an Irish property by providing an alternative collateral which was satisfactory for the bank (I.e. a German bank might be happy to extend a mortgage to purchase an Irish property if the borrower is posting a German property of sufficient value as a collateral for the loan).


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  • #112
    namloc1980
    Registered Users Posts: 18,058 ✭✭✭✭namloc1980


    Student_111 wrote: »
    Correct I didn't know that, thanks. We need to make it easier to reposses houses for non-payment , to encourage lenders to enter the market and protect responsible borrowers.

    No politician is going to propose making it easier for banks to repossess and enforce their mortgages. It's a toxic proposition for any government to tackle.


  • #113
    Bobeagleburger
    Registered Users Posts: 45,247 ✭✭✭✭Bobeagleburger


    According to a recent article in Money guide Ireland, Revolut does not have a banking guarantee in Ireland.

    Why? Because it doesn't have a banking licence in Ireland.

    https://www.moneyguideireland.com/n26-compared-revolut.html



    N26 does have a guarantee in Ireland.


  • #114
    van_beano
    Registered Users Posts: 1,345 ✭✭✭van_beano


    adox wrote: »
    Had a look there and they do but unfortunately dont support Google Pay which is a deal breaker for me.

    Link it up to a Curve card, I’ve mine linked up for Apple Pay.


  • #115
    namloc1980
    Registered Users Posts: 18,058 ✭✭✭✭namloc1980


    Bob24 wrote: »
    To expend on this, it is not as much that they don’t want to lend for Irish residential property, but more that they don’t want to accept the property itself as a collateral for the mortgage (due to they fact that a foreign bank pretty much has zero chance of repossessing an Irish house in an cost effective manner in case the loan stops performing).

    But I have heard of people who did get foreign loans for the purpose of buying an Irish property by providing an alternative collateral which was satisfactory for the bank (I.e. a German bank might be happy to extend a mortgage to purchase an Irish property if the borrower is posting a German property of sufficient value as a collateral for the loan).

    In fairness that applies in a very narrow set of circumstances. The vast majority of mortgages in Ireland are secured on an Irish residential property. Very few people in Ireland have a foreign unencumbered property to put up as security.


  • #116
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    Bob24 wrote: »
    To expend on this, it is not as much that they don’t want to lend for Irish residential property, but more that they don’t want to accept the property itself as a collateral for the mortgage (due to they fact that a foreign bank pretty much has zero chance of repossessing an Irish house in an cost effective manner in case the loan stops performing).

    But I have heard of people who did get foreign loans for the purpose of buying an Irish property by providing an alternative collateral which was satisfactory for the bank (I.e. a German bank might be happy to extend a mortgage to purchase an Irish property if the borrower is posting a German property of sufficient value as a collateral for the loan).

    Interesting. First-time buyers should just put up one of their overseas properties as collateral so. Easy. /s*

    *Taking the piss out of the current market situation, not you. Thanks for that info.


  • #117
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    berocca2016 wrote: »
    Revolut terms and conditions? As an e money institution the client deposits are safeguarded in credit institutions which are covered by the depositary guarantee scheme. This now seems to be the official revolut bank that holds the deposit.

    Just because Revolut Bank aren't offering credit services here does not mean your deposit is not protected.

    Yeah it is exactly what I was saying that they are using an emoney licence to do business here as opposed to their banking licence.

    As I sais, it means that as a customer you are not covered by the Lithuanian (nor the Irish) deposit guarantee scheme.


  • #118
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    namloc1980 wrote: »
    In fairness that applies in a very narrow set of circumstances. The vast majority of mortgages in Ireland are secured on an Irish residential property. Very few people in Ireland have a foreign unencumbered property to put up as security.

    Very few people in Ireland have a mortgage from a foreign lender full stop. I think that was his point - outlining the reason for that.


  • #119
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,521 Mod ✭✭✭✭Amirani


    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.

    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.


  • #120
    berocca2016
    Registered Users Posts: 242 ✭✭berocca2016


    Bob24 wrote: »
    Yeah it is exactly what I was saying that they are using an emoney licence to do business here as opposed to their banking licence.

    As I sais, it means that as a customer you are not covered by a national by the Lithuanian (not Irish) deposit guarantee scheme.

    I give up... Google EU Passporting?


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  • #121
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    namloc1980 wrote: »
    In fairness that applies in a very narrow set of circumstances. The vast majority of mortgages in Ireland are secured on an Irish residential property. Very few people in Ireland have a foreign unencumbered property to put up as security.

    Yes fully agree. Very few people would be able to avail of this.

    I guess my point was that the real problem technically isn’t that foreign banks don’t want to extend mortgages for Irish properties. It is more that our legal framework is too much of a minefield for them to accept Irish property as a loan collateral.


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