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.
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.
— Jonathan Sugarman (@WhistleIRL) September 24, 2020