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KBC exiting Ireland

2456726

Comments

  • Registered Users Posts: 135 ✭✭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


  • Registered Users, Registered Users 2 Posts: 4,573 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 24,457 ✭✭✭✭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?


  • Registered Users, Registered Users 2 Posts: 69,537 ✭✭✭✭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.


  • Registered Users Posts: 4,304 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 242 ✭✭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.


  • Closed Accounts Posts: 891 ✭✭✭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


  • Site Banned Posts: 20,686 ✭✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 29,901 ✭✭✭✭Wanderer78


    but yeah, the Central Bank are driving banks out

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


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  • Registered Users, Registered Users 2 Posts: 27,021 ✭✭✭✭Dempo1


    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

    Is maith an scáthán súil charad.




  • Closed Accounts Posts: 891 ✭✭✭sebdavis


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


  • Posts: 8,856 ✭✭✭ [Deleted User]


    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.


  • Registered Users, Registered Users 2 Posts: 6,823 ✭✭✭Allinall


    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.


  • Registered Users, Registered Users 2 Posts: 6,859 ✭✭✭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.


  • Closed Accounts Posts: 891 ✭✭✭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...


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  • Registered Users, Registered Users 2 Posts: 459 ✭✭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


  • Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭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.”


  • Registered Users, Registered Users 2 Posts: 3,323 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 618 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 24,457 ✭✭✭✭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.


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  • Closed Accounts Posts: 891 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 8,036 ✭✭✭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


  • Closed Accounts Posts: 891 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 29,901 ✭✭✭✭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


  • Closed Accounts Posts: 891 ✭✭✭sebdavis


    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


  • Registered Users, Registered Users 2 Posts: 2,593 ✭✭✭karlitob


    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.


  • Registered Users, Registered Users 2 Posts: 19,018 ✭✭✭✭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?


  • Posts: 0 [Deleted User]


    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.


  • Closed Accounts Posts: 891 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 618 ✭✭✭feargantae


    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.


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  • Registered Users, Registered Users 2 Posts: 3,417 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 3,323 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 19,018 ✭✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 8,036 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 6,539 ✭✭✭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.


  • Posts: 0 [Deleted User]


    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%.


  • Registered Users, Registered Users 2 Posts: 618 ✭✭✭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!!


  • Registered Users, Registered Users 2 Posts: 242 ✭✭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."


  • Registered Users Posts: 990 ✭✭✭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.


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  • Registered Users, Registered Users 2 Posts: 1,652 ✭✭✭cms88


    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.


  • Registered Users, Registered Users 2 Posts: 5,016 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 12,015 ✭✭✭✭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


  • Registered Users, Registered Users 2 Posts: 6,859 ✭✭✭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.


  • 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.


  • Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭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.

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



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


    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.


  • 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.


  • Registered Users, Registered Users 2 Posts: 618 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 2,804 ✭✭✭PommieBast


    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.


  • Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    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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