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)

RollingNews

Meanwhile…

15 thoughts on “Tracked And Traced

  1. Tony

    Great so this €18.3 million will now be used to compensate those who lost properties and family homes because of the bank.

    Hooray!

    Reply
    1. Vanessanelle

      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

      Reply
  2. Nigel

    ’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

    Reply
  3. Kolmo

    Any chance of a custodial sentence? – these people have destroyed families because they conspired to contravene existing regulations.

    Reply
    1. Brughahaha

      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

      Reply

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