Bank of Ireland Error in Transfer of KBC Mortgages Could Impact Customers’ Ability to Get Loans for Weeks

Bank of Ireland has recently admitted to making an error in transferring over KBC mortgages, causing confusion and concern among affected customers. The issue arose after Bank of Ireland acquired KBC Bank Ireland’s performing loan portfolio earlier this year. This unexpected turn of events has left many KBC mortgage holders uncertain about the future of their loans under the new entity. In this article, we delve deeper into the details of the transfer, highlight the concerns raised by customers, and examine the steps taken by Bank of Ireland to address the situation.


Bank of Ireland’s error in transferring KBC mortgages has the potential to affect thousands of customers’ loan applications over the next few weeks. When KBC left the Irish market, roughly 70,000 mortgages were transferred to Bank of Ireland, with an estimated 35,000 customers expected to be impacted by the error. Bank of Ireland explained that the error occurred because the mortgage “start date” was incorrectly entered into their systems, leading to the bank not submitting the mortgage details of the affected customers to the Central Credit Register (CCR) for both February and March. This gap in payment information could negatively affect customers’ credit histories, making it harder for them to borrow from other lenders. To prevent potentially inaccurate credit information from being reflected in customers’ credit reports, Bank of Ireland is withholding monthly CCR reporting until the matter is resolved. Although Bank of Ireland has written to impacted customers to explain the issue and reassure them that no further action is required, further correspondence is expected once the issue has been resolved in the next few weeks. The bank confirmed that if impacted customers experience difficulties in getting a loan due to this error, the letter can be used as proof to other lenders.


In conclusion, the recent admission by Bank of Ireland that it made an error in transferring KBC mortgages is a clear reminder of the importance of accuracy and diligent oversight in the banking industry. Despite this setback, it is reassuring to see that Bank of Ireland is taking full responsibility for the mistake and working to rectify the situation. This incident highlights the need for transparency and accountability in all financial institutions, as well as the importance of consumer protection and fair treatment for all customers. As we move forward, it is crucial that banks continue to prioritize accuracy and ethical practices in order to earn and maintain the trust of their clients.