This morning.
The Central Bank has fined KBC Bank Ireland more than €18.3m and reprimanded it over its role in the tracker mortgage controversy following an investigation into its conduct.
Via RTÉ
The regulator said the Belgian owned bank had been responsible for “serious failings” that affected the holders of 3,741 customer accounts between June 2008 and October 2019.
The Central Bank said KBC’s actions had a devastating impact on the customers, with significant overcharging, and a resulting loss of 66 properties – 11 of which were family homes.
The investigation found that 39 of these losses could have been prevented if KBC had implemented a regulatory requirement to cease any actions that would have resulted in additional harm to customers during the review.
KBC Bank Ireland fined €18.3m for tracker mortgage failures (RTÉ)
Meanwhile…
#Belgium owned @AskKBCIreland fined by t Central Bank. Any bankers going to jail, or is that just for garlic-smugglers, @HMcEntee?
Belgian state broadcaster interviewed me years ago abt my dealings w @KBC_BE:https://t.co/WbDqlpV4dB#JonathanSugarman
Tnx @babsbear#TodayCB @RTE https://t.co/0zuxxESeoQ pic.twitter.com/mvLTFqsOHi— Jonathan Sugarman (@WhistleIRL) September 24, 2020
Great so this €18.3 million will now be used to compensate those who lost properties and family homes because of the bank.
Hooray!
No. this is a fine
And will go in full to the Central Bank
The rebates and compensation is on top of that
and will come from KBC
Open to correction
but they are also charges that are not permitted for tax purposes
So have to be treated as add backs
like depreciation
Well I was being facetious but thanks for sucking all the craic out of the air anyhow ;)
well
I think tis better craic knowing that it’s actually cost KBC plc shareholders much much much more than the 18.6 million fine to the Irish Central Bank
’39 of these losses could have been prevented if KBC had implemented a regulatory requirement to cease any actions that would have resulted in additional harm to customers during the review.’
Fuuuuuuuuuuuuuuuuuuuuuuuuuupppppppp yoooooooooooouuuuuuuuuuuuuuuuuuuu
Criminal for persons to lose their homes over pure greed.
+LPT
what on earth does malpractice by a bank have to with property taxes…
Homes and greed
Any chance of a custodial sentence? – these people have destroyed families because they conspired to contravene existing regulations.
Serously. Punishment for white collar crime is a colossal joke.
White collar crime pays. Especially if the damage is in the millions of Euro.
That should be the slogan in Ireland.
Not just Ireland…
We couldnt be putting nice people in prisons in Ireland , think of the shame on their private schools. And whats the point of spending all that money on a private education if its not going to buy you life long immunity ?
Remember in Ireland , Fraud is simply a mistake deserving a fine but theft , well thats definitely illegal .
Whats the difference ? Fraud is a nice middle class crime , theft , well thats done by peasants who deserve and dont mind jail
“Some will rob you with a gun;
some with a fountain pen”
Woody Guthrie.