Minister Donohoe responds to announcement by KBC and Bank of Ireland
The Minister for Finance, Paschal Donohoe TD, has said, in reaction to the KBC Ireland’s announcement this morning (Friday), that the decision taken by the bank to leave the Irish market is regrettable, particularly as it comes so soon after NatWest’s decision to withdraw Ulster Bank Ireland DAC from the Irish banking sector.
KBC first entered the Irish market in 1978 through the majority acquisition of Irish Intercontinental Bank.
The Minister noted the announcement states that a Memorandum of Understanding has been agreed between KBC and Bank of Ireland, which covers substantially all of KBC’s performing loan assets and liabilities and that KBC is reviewing its options to divest its remaining non-performing mortgage loan book.