BoI and KBC SVR customers

[Brendan Burgess]

from the CCPC approval

2.3 KBCI SVR
2.3.1 BOI shall, from the Completion Date, make available a set of Transferred Mortgage SVRs
to Transferred Mortgage Customers on the date of their first expiry and roll-off from a

Fixed Rate that was agreed with KBCI before the Completion Date, which are
independent of any BOI SVR.
2.3.2 BOI undertakes that this set of Transferred Mortgage SVRs referred to in clause 2.3.1
above shall be the same interest rates, from the Completion Date, to the set of KBCI
SVRs advertised by KBCI at or most recently prior to the Completion Date.
2.3.3 For the avoidance of doubt, the Transferred Mortgage SVRs are variable rates which
may change from time to time. […]
2.3.4 BOI shall, from the Completion Date, offer the relevant Transferred Mortgage SVR to a
Transferred Mortgage Customer on the first expiry and roll-off from a Fixed Rate that
was agreed with KBCI before the Completion Date, in addition to any interest rates
offered by BOI to all BOI customers.
2.3.5 The relevant Transferred Mortgage SVR offered to a Transferred Mortgage customer
shall be determined on the basis of the relevant loan-to-value range and other SVR
cohort identifiers used by BOI (e.g., BTL) applicable to that customer on the date of the
first expiry and roll-off from the Fixed Rate agreed with KBCI before the Completion
Date.

 

[Brendan Burgess]

That is absolute nonsense.

In other words, BoI can charge what they like.

2.3.3 For the avoidance of doubt, the Transferred Mortgage SVRs are variable rates which
may change from time to time. […]

 

[newirishman]

That is absolute nonsense.

In other words, BoI can charge what they like.

2.3.3 For the avoidance of doubt, the Transferred Mortgage SVRs are variable rates which
may change from time to time. […]

Nonsense it might be, but what else would you expect for variable mortgages?
Would you want the CBI to enforce a condition that BOI isn't allowed to change the variable rate at some point after the transfer?
Something like a rate increase moratorium - but for how long? 3/6/12 months?

 

[Brendan Burgess]

Hi newirishman

Not sure if I would impose a condition on variable rate mortgages.

But I would not impose a meaningless condition.

Brendan

 

[Brendan Burgess]

This is what BoI said in their statement

In addition, on their first roll over post migration, KBC fixed rate mortgage customers will be offered the variable rate equivalent to that of KBC migrated variable rate customers, as well as BOI fixed rate options.