KBC: additional provision in Irish tracker mortgage case.
(CercleFinance.com) - All known issues regarding Irish customers who have been impacted by the so-called "tracker mortgage" case have now been resolved, KBC said in a statement on Thursday.
The Belgian financial group - which has identified about 2,974 affected accounts as part of its examination - will take an additional provision of 61.5 million euros in the fourth quarter to address recently identified accounts.
In the third quarter, KBC Bank Ireland already booked a provision of 54.4 million euros for the investigation, in addition to a provision of 4.4 million euros made in 2016.
Compensation payments to identified customers began in November 2017 and will be completed by the end of June 2018, the bank said.
The tracker mortgage case relates to the period between 2005 and 2009, when KBC overcharged clients by not moving their accounts to proper tracker rates.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Belgian financial group - which has identified about 2,974 affected accounts as part of its examination - will take an additional provision of 61.5 million euros in the fourth quarter to address recently identified accounts.
In the third quarter, KBC Bank Ireland already booked a provision of 54.4 million euros for the investigation, in addition to a provision of 4.4 million euros made in 2016.
Compensation payments to identified customers began in November 2017 and will be completed by the end of June 2018, the bank said.
The tracker mortgage case relates to the period between 2005 and 2009, when KBC overcharged clients by not moving their accounts to proper tracker rates.
Copyright (c) 2017 CercleFinance.com. All rights reserved.