KBC KBC told brokers" all fixed rate loans will roll onto trackers on expiry"

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I'm with Aib and BOI

And they did the exact same thing... Used the word variable to mean something else when the fixed rate period ended.

Clearly a trend running through all the banks.

Hopefully the central bank/regulator will be able to see through the trickery.
 
I'm considering fixing for 10 yrs with KBC.
Would those effected by the issue highlighted in this thread see it as a sufficient reason not to trust this lender ever again?
 
i would say from what we know about banks in recent years, that its not possible to trust any of them. You should review all of your offers carefully. However, so far KBC have been the least cooperative of all the banks in the tracker redress issue.
 
Hi Padraic

I just want to congratulate you Padraic on a great meeting yesterday evening. It was a fantastic turnout with very good media coverage!! I hope this galvanises people to come together and make a combined effort to push "the bank of you" "to do the right thing for us" your leadership is very much apprecited by us all!!
 
Hi all, i recieved my banking file today from kbc, any guidance as to what to look for? thanks
 
Suggest you send the loan offers to Padraic Kissane to take a look. Initial consultation is free as far as I know. He will k
 
thanks for that, i spoke with him at city west but i was just trying to understand for myself.
 
Based on recent Central Bank update, Can it be assumed that KBC will be required to advise its " Impacted customers" by the end of October. .? The Central Bank said that the two outstanding banks ( no pun intended) are due to revert to the Central Bank with their completed phase 2 reviews by end of October.
 
hard to see how they could do this when they werent in a position to answer the simplest of questions so recently. In my mind im already jumping to the central bank review of the cases they deemed not impacted .... in kbcs case circa 99.99% , their position now looks ridiculous ?!
Great media coverage of late headline on radio this mornings news , love to see something positive regarding KBC, an enforcement action or something ?
 
Quote in today's Business Post

KBC said in a statement "We fully acknowledge that errors occurred in relation to tracker mortgages and we offer our apologies for this. Our focus is to identify all customers impacted as quickly as possible and to move without delay to redress and compensation. We recognise that this matter has caused hardship and stress for those affected, but expect our response will dempnstrate our determination to address this properly and fairly"

I donlt remember such a staement before.

Is this KBC finally waking up and accepting that they were wrong or has this statement been issued previously? It does seem to be quite different to even their comments last week in the Oireactas hearings


Edit - yes this was from end Sept, so nothing new.
 
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I don't believe this is a new statement. I believe this was stated in front of the Oireachtas committee. (Correct me if I am wrong)

But how many are they talking about?

They reached out to "two accounts" beginning of this year!!
 
This was taken from the September meeting with the Oireachtas committe, they subsequently met and as we all know behaved absolutely disgracefully.
Im literally drowning in all the coverage , i havent lost all hope , i fully expected them to say 100% werent affected as it is i keeping with their stance all along.
In my mind im glad the september deadline has passed as i flet we were waiting for the inevitable , however in my worst case scenario i didnt think they would show such contempt ,and i probably wont even get a letter to say im not affected never mind tracker compensation and redress . What course of action is left for us , Padraig Kissane to take a case for each of the cohorts ? Would love to know his take on this

Why is bruton saying the banks need to be ruthlessly chased on this , is he going to pay the legal costs , has the FSO been told u cant arrive at the same decisions again ?


How do all the other banks feel about KBC getting off scot free when they have put so many back on trackers and will inevitably have to pay redress and review compensation .

This is going on years why wasnt there a review of what powers the CB would need in the event KBC the worst of that shower by a mile wouldnt play ball ?
 
Some commentators say the CB already have powers

The CB themselves say
  • They don't have sufficient powers
  • Legal action would be too drawn out and time consuming
  • Customers they suggest should take legal action!

All this suggests the CB has no interest in solving this.

When the government want something done they employ a person with proven record. I'm thinking of Frank Daly running Nama.
 
as I said in another post - be very very wary of reading too much into hysterical and sensationalist media headlines especially from the independent / herald.
The CB did NOT say customers should take legal action - they said that at the end of the process after they have completed their work and they are happy with the results there MAY be a FEW people who feel they have been left out.
Those people will not have the staute of limitations applied and they may if they wish take a case to ombidsman/ courts without the statute of limitations applying.

That is quite different to the indo's sensationalist headline - so always be wary of any reports int eh indo - they seek sensationalist attention over and above any actual real reporting - and its a pity because it used to be a decent paper.
 

One question that the Central Bank hasn't answered is if those "FEW" who feel they have been left out, have already been to the previous ombudsman what can the new one do for them? My understanding is that the original findings are binding on both sides.

The central bank seems happy to solve the big chunk and hope the others go away.
 
Yes that is unanswered at present, but you need to understand that any that are left at the end of it probably won't have much of a case. The indo rushed to jugdement (as it does so often these days) with their hysterical headline and then too many people believed it.

The CB was clear - they will be checking and double checking everything and ensuring the banks restore all that the CB claims are due to be restored and really until then, it is unfair to make judgement of the comment that anyone who thinks they are impacted but didn't get restored can still look at other options without fear of been statute barred.

Remember if it wasn't for Philip Lane (and Padraic Kissane) this may never have been started - He was the absolute last person the banks wanted to be head of the CB and remmebr the banks have huge influence and the absolute best legal teams in the country at their disposal. So in the circumstances my own opinion is the CB have done very well if a little on the slow side, but yiou cna take it that behind the scenes the banks are throwing every possble legal challenge at the CB and have so far failed to stop the CB.
 
Listening to Brendan Keenan on the Marian Finnucane lunchtime today with David McWilliams, and others on the panel Brendan Keenan states that "in last 48 hours everything has changed The wall of resistance has crumbled" " All previous conversations are inoperative."
In the next 6 months everybody will be put back on tracker at the correct interest rate, redress and compensation and possibly damages"

"KBC has now come out and apologised"

David McWilliams states "this is the bank of you". Then they ALL say "the bank of you" and all start laughing!!

Brendan Keenan then states " not only have they (KBC) apologiesed they will now proceed without delay"

Has anyone heard any more on this?
 
I was thinking that the SBP statement by KBC was different to previous statements and a lot more direct.

Lets hope what SBP and what Brian Keenan are suggesting is true.

Will we have a Happy Christmas?
 
Hope you are right guys anyone got the text of the article or link to that discussion ?
Varadkar got the figure right at least for KBC ,98% of us are awaiting a positive outcome and havent even been contacted ....
Also agree with the
Comments re independents coverage , i pay them zero attention constantly giving people false hope or drumming up click bait
 
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