“KBC Bank Ireland continues to benefit from a strong liquidity and capital position. Our customers do not need to take any action as a result of today’s announcement,” Roebben said. “For the time being nothing changes, neither for existing nor for new customers. KBC Bank Ireland CEO Peter Roebben said that the bank remains committed to offering its retail banking and insurance services. It said there is no impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement.
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While these discussions are ongoing, KBC Bank Ireland said remains committed to offering its retail banking and insurance services of the highest level through its digital channels and hubs, for its existing and new customers. Changing shape of Irish banking marketĮxecution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market.
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KBC Bank Ireland’s remaining non-performing mortgage loan (NPL) portfolio, which is not part of the MoU, is currently being analysed whereby KBC Group is reviewing its options to divest this NPL portfolio. Pepper is regulated by the Central Bank of Ireland, so all customers will continue to be afforded all regulatory protections.“When we look at opportunities we consider if they are a good fit for the customers involved and for the bank” Pepper Finance Corporation (Ireland) DAC (“Pepper”) will be managing the loans post completion as the Legal Title Holder and the lender of record. Today, CarVal Investors has approximately $10 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $130 billion in 5,550 transactions across 82 countries. Affected customers will be contacted shortly regarding concrete steps related to them.”ĬarVal Investors is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Pepper is a well established player in the Irish market. We can assure that any customers whose loans are included in the transaction will continue to be afforded the same legal and regulatory protections. KBC Bank Ireland CEO, Ales Blazek commented: “I’m confident that the agreement we have signed for the sale of substantially all of the remaining non-performing mortgage loan portfolio, and with Pepper managing the loans post completion, offers a good and sustainable solution for our non-performing mortgage loan customers. This transaction allows KBC Bank Ireland to clean up legacy and further reduce its NPL ratio.” These sales have now been complemented with the sale of substantially all of the remaining non-performing mortgage loan portfolio. Johan Thijs, KBC Group CEO welcomed today’s transaction : “ In the past few years, KBC Bank Ireland already gradually built down its legacy non-performing corporate loan portfolio and buy to let mortgage loan portfolio in Ireland. The risk-weighted assets decrease by 0.8 billion euros. It will have an impact on KBC Group’s P&L, almost fully booked in 3Q21, which is estimated at -0.1 billion euros. The transaction is marginally capital accretive with a combined impact (P&L and RWA) on the pro-forma 2Q21 CET1 ratio of KBC Group of approximately 2bps. Prior to the closing of the transaction, KBC Bank Ireland will contact the customers whose loan(s) is/are included in the sale, to inform them that their loan(s) is/are being transferred. KBC Bank Ireland customers do not need to take any action as a result of today’s announcement.
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There is no immediate change for customers.
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Customers will continue to have the same legal and regulatory protections (for example under the Consumer Protection Code (CPC) and the Code of Conduct on Mortgage Arrears (CCMA)) after the sale. Pepper is regulated by the Central Bank of Ireland. Post completion, Pepper Finance Corporation (Ireland) DAC will be managing the loans as Legal Title Holder. No immediate changes or actions for customers.įollowing the announcement made on the 16 th April 2021 by KBC Group and KBC Bank Ireland that they were exploring options to divest the remaining non-performing mortgage loan portfolio of KBC Bank Ireland, KBC Bank Ireland can now confirm it has reached agreement to dispose of a non-performing mortgage loan portfolio of roughly 1.1 billion euros (Private Dwelling House (PDH) and Buy to let (BTL) and a small number of non-mortgage non-performing loans) in a transaction financed by funds managed by CarVal Investors (“CarVal”). KBC Bank Ireland sells substantially all of its remaining non-performing mortgage loan portfolio