KBC tells Central Bank it's time to move on from their tracker focus

Brendan Burgess

Brendan Burgess

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www.irishtimes.com

KBC boss on tracker focus: ‘Come on, guys, turn the page’

Belgian banking boss says focus on ‘nitty gritty stuff’ is holding back Irish banks
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The head of KBC Bank Ireland’s Belgian parent has rounded on the Central Bank of Ireland for its continued focus on the tracker mortgage scandal and lenders’ other past sins, saying this “nitty-gritty stuff” is holding back the industry.


“What is still an annoying thing is all tracker mortgage stuff and, honestly, we would recommend to Central Bank of Ireland: come on, guys, turn the page,” KBC Group chief executive Johan Thijs told analysts on a call on Thursday (). “We’re focused on doing business, we’ve learned our lessons, we know what to do.”
 
“Of course we expect a fine. It goes without saying, given the extent to what happened with trackers,” Mr Roebben said. “But we’ve no indication when the investigation will be concluded.”
Is this anticipation of any action coming from further FSPO investigations, or are the CB still tying up some items from Investigation in the background .
 
Leighlinboy said:
are the CB still tying up some items from Investigation in the background .
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The CB takes months or years on any issue to do with enforcement proceedings.

It's supposed to be relatively non legal, but they go very legal about it.

So the delay means nothing for the people who are still hoping to get trackers back.

Brendan
 
Hi all I wanted to put forward my absolute disgust at the comments of the KBC chief today regarding the Central Bank and what it should do in regards the Tracker Issues, which are appalling. People are living with the consequences of what this lender (and the others) has done and many are only now going through the appeals process to have their cases heard. There are many accounts that were deemed not impacted by the CBI investigation, that will now have to progress to the FSPO process of complaint.
I write this having finished two Oral Hearings today and the effects this had on families and there are wounds that remain infected and untreated and these comments pour salt onto these families.
It is not a matter that can be simply brushed off and forgotten much and all as Mr. Thijs would like that to be the case and I for one will keep reminding him that what occurred has left many with fall out affects that will last for years.
Utter disgraceful what he stated.
Padraic Kissane
 
Very well said Padraic. Shameful and disrespectful to all those that have suffered and continue to suffer at what the banks did. Needless to say he wasn't 1 of them.
 
If the CBI wants to look at the issues with culture in banking, they can start here. Reminds me of Bob Diamond (then head of Barclays) who said in 2012 that the “time for contrition is over”. Coming a day after Ed Sibley’s speech goes to show how out of touch Mr Thijs is. Does he ever talk to somebody in his own Irish subsidiary? Or do any of them read the papers.
 
I read this thread, thought it was a joke, you couldn't make this stuff up. When the FSPO start finding in our favor and roll out to others in these cohorts we'll see what he has to say then. No mention of the heavies doing their bidding at evictions either I see.
 
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PadKiss said:
Hi all I wanted to put forward my absolute disgust at the comments of the KBC chief today regarding the Central Bank and what it should do in regards the Tracker Issues, which are appalling. People are living with the consequences of what this lender (and the others) has done and many are only now going through the appeals process to have their cases heard. There are many accounts that were deemed not impacted by the CBI investigation, that will now have to progress to the FSPO process of complaint.
I write this having finished two Oral Hearings today and the effects this had on families and there are wounds that remain infected and untreated and these comments pour salt onto these families.
It is not a matter that can be simply brushed off and forgotten much and all as Mr. Thijs would like that to be the case and I for one will keep reminding him that what occurred has left many with fall out affects that will last for years.
Utter disgraceful what he stated.
Padraic Kissane
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Well said Padraic you need to keep saying this and saying it publicly (outside of this forum).... we know that KBC and their ilk will only do the right thing when pressured into it
 
Karl Deeter making the very valid point on SO'R that the Central Bank has taken way too long to bring this issue to a resolution.
 
Sarenco said:
Karl Deeter making the very valid point on SO'R that the Central Bank has taken way too long to bring this issue to a resolution.
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It was the Banks who prolonged this sorry saga, firstly with denial of the issue, then delay and procrastination on the various cohorts and it still goes on.
 
This guy doesn't even appear to believe in due process. As alluded to above above by PadKiss and Brendan, as of August 2019 the FSPO had over 1100 tracker appeals to deal with and who knows what tracker cases will be brought to the High court. This could drag on for years.
 
It would be good for everyone if the outstanding issues could be resolved as quickly as possible.

It's a pity that the Ombudsman can't make a "cohort" ruling which would apply to all cases.

Even if the Ombudsman rejects a KBC "flyer" complaint, there is nothing to stop someone else making the same complaint for years.

And if he upholds the flyer complaint, there is no obligation on KBC to apply it to all affected customers.

The lenders are right to say that we need to restore trust in banking. But they must get their own house in order. And they must start charging mortgage rates closer to the eurozone norms. Having said that, KBC has very low rates and does not indulge in the cash back nonsense and other nonsense of the likes of BoI and ptsb.

Brendan
 
Brendan Burgess said:
And if he upholds the flyer complaint, there is no obligation on KBC to apply it to all affected customers.
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Did the Central Bank not say at the last Oireachtas hearing that if the Ombudsman rules on a cohort that was previously excluded they expect the bank to review all impacted cases?
 
Hi SS

They did. And the lenders may do it.

But I suspect that the bank will argue that each case is separate and the general cases are different for some reason.

It would be great if there were a mechanism whereby, for example, the ptsb discounted tracker could be brought on behalf of all those affected.

If the Ombudsman upholds the complaint, they would set out the principles to be followed by ptsb in all cases.

Brendan
 
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