# Padraic Kissane's public meeting for KBC borrowers 28th September



## Brendan Burgess (20 Sep 2017)

Please attend to register your concerns and send a clear message to KBC Bank of the numbers affected.


Forward this invite to anyone you know who has an issue (but may not have contacted us to date) with this bank and ask them to attend on the night or contact us at info@padraickissane.ie


Please RSVP to info@padraickissane.ie to confirm your attendance.


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## Lightening (20 Sep 2017)

I will definitely be attending this long awaited meeting. 

It is so important that people attend and show support. We need a united approach to tackle the indifference of this bank to our plight.


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## PJDCol (20 Sep 2017)

Yes I will certainly be attending and have a friend also impacted that wants to attend.


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## peemac (20 Sep 2017)

Great location - 15 min up the road from me, so definitely will be there


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## Leighlinboy (20 Sep 2017)

Ill be there !


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## Gavin77 (20 Sep 2017)

We'll be there.


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## Sligolive (20 Sep 2017)

Will be there also. This is a great opportunity to move things on!


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## PadKiss (22 Sep 2017)

Hi all
By means of update We have had a very good reply to the notice/invite. It is also up on other boards. 
*HOWEVER:* We need as many as possible to attend on the night so I would ask that you continue to spread the word of the meeting. Everyone who has a Tracker issue with KBC should attend. The importance of this meeting should not be underestimated in regards to the issues relating to Tracker rates and how the matter is being handled by KBC. Lets us know on info@padraickissane.ie
Padraic


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## Sligolive (23 Sep 2017)

If people were interested, it would be great if we had some mechanism on the night for the AAM users to put faces on the usernames.


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## Lightening (25 Sep 2017)

Padraic,

Will you be discussing the small number of KBC bank customers originally on a fixed rate that were this year returned to their tracker? Under what circumstances did they receive their tracker back?
It is not in the public arena, does that mean that a confidentiality agreement has been signed?


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## corktim (26 Sep 2017)

Padraic, an excellent idea and it’s great to see that KBC customers now have a voice!

Anyone who has had issues with a KBC tracker Mortgage should be attending as there is power in numbers.


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## Brendan Burgess (27 Sep 2017)

Is there an agenda for the meeting. 

What are the main issues? 

1) The flyer from 2006 which said those on fixed rates could go to trackers on expiry.


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## DamC82 (27 Sep 2017)

Got an update this morning (on request) from KBC.

When i say update, just an employee reading a generic statement off a page.  Confirmed that they are 'working hard' but there is no timeframe in which they expect customers to be contacted.

I dont believe I have a case, however I would really like to put a line under the whole episode. 

They dont seem to be taking this seriously at all , twice I had to correct the employee on his statements regarding previous correspondance recieved.

Are this crowd answerable to anybody, or is this whole thing a pure farce?


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## Lightening (27 Sep 2017)

2) why ONLY SOME fixed loans at that time rolled to tracker with the wording "at the expiry of the fixed rate period the "Lenders prevailing variable rate will apply"  (as per the Flyer you mention from 2006). What happen to those that broke from the fixed rate? Did KBC deliberately put these accounts on the Standard Variable Rate when they should have been offered the tracker?

At that time these fixed rate contracts were drew down on, KBC's  Lenders prevailing variable rate was the ECB plus a margin.  Their rates offered at that specific time was either "variable"  (plus a margin over ECB) or the Fixed Rate.

It is interesting to note that in the variable (tracker) loan document at that time it states:
"_In the event that, or at any time, the REFI rate is certified by the Lender to be unavailable for any reason the interest rate applicable to the loan shall be the *prevailing Home Loan Variable Rate* (all in capitals)".  _Today KBCs fixed rate loans state "At expiry of the fixed rate period the "*Standard Variable Rate* (SVR) all apply.

Mr. Bernard Byrne CEO of AIB was quoted yesterday as saying the 'prevailing rate' was ECB + %. "It was the interest rate at time of drawdown". 

Furthermore he stated that mid 2008 the tracker product was pulled rapidly from the market "people in the bank just got it wrong" "it happened across all organizations".

KBC decided to interpret then Lenders prevailing variable rate as the Standard Variable Rate and thats how some were not put back on the tracker.  "it happened across all banks".

3) Whats the situation with the trackers that signed the unsolicited Fixed Rate Form of 2010? (reverting to the SVR)

4) Who are the couple of accounts that got their trackers back earlier this year and under what circumstances? did they sign confidentiality agreements?

5) Are KBC still in denial? or have they put their hands up?

6) What is the Central Bank doing regarding KBC still dragging their feet?


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## PJDCol (27 Sep 2017)

Yes all this covers most of the question I also have.

I spoke to KBC also this week. I was told any response from phase 2 is actually "months" away. They advised I will be contacted as soon as its closed and then go onto phase 3 which is the redress calculation. I assume that will be another few months. He was reading of the generic statement.....clearly from a page saying they working hard and is now a priority.


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## PadKiss (28 Sep 2017)

After today's presentation and performance by KBC management (if it could be called that) at the Finance Committee it is critically important that the affected customers start to show their strength in their numbers starting with tonight, see you all later.
Padraic


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## Bazzerd (28 Sep 2017)

I’m not sure if we have a case. If I attend tonight can I run through our situation with someone?
Took out 30 year Flexi Annuity in August 2016 fixed at 4.69% for 3 years interest only for 2 years.
Offered variable if 3.24% or 3 year fixed @3.99% in October 2009.
We fixed at 3.99%.
Tracker never offered or mentioned at any stage


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## Brendan Burgess (28 Sep 2017)

Hi Bazzer

You have no case. Trackers were not offered to any new customers since 2008.

Brendan


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## Bazzerd (28 Sep 2017)

Thanks Brendan. Thought as much.
Pity, as I’m fed up with them.
All they need is some common sense.
Good luck with it.


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## peemac (28 Sep 2017)

Bazzerd said:


> I’m not sure if we have a case. If I attend tonight can I run through our situation with someone?
> Took out 30 year Flexi Annuity in August 2016 fixed at 4.69% for 3 years interest only for 2 years.
> Offered variable if 3.24% or 3 year fixed @3.99% in October 2009.
> We fixed at 3.99%.
> Tracker never offered or mentioned at any stage


Taken out in 2006 or 2016

2006 you may have a case.


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## Bazzerd (28 Sep 2017)

2006!
My fat fingers!


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## peemac (28 Sep 2017)

Bazzerd said:


> 2006!
> My fat fingers!


Then definitely have a chat with Padraig

At that time they were telling brokers that any fixed rate mortgage would automatically go to 1.25% tracker at end of fixed period. 

Its a slow process and seems it will be well into next year before its finalised.


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## Lightening (28 Sep 2017)

https://www.irishtimes.com/business...eadline-for-tracker-mortgage-review-1.3237013


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## DamC82 (29 Sep 2017)

Are there repercussions for KBC missing these Central Bank deadlines? Surely they have to be penalised by the CB, if not it just makes a laugh of the whole process...


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## Lightening (29 Sep 2017)

Am sure the Central Bank is considering this at the moment I get the impression they are now watching KBC very closely


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## Lightening (29 Sep 2017)

Another article this morning!

Mr Verbraeken says "sorry"

https://www.rte.ie/news/business/2017/0929/908407-kbc-tracker-mortgages/


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## moneymakeover (29 Sep 2017)

Great quote from John McGuinness to KBC verbraeken




> If I went to that meeting tonight and repeated your comments, I would probably be lynched


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## Lightening (29 Sep 2017)

Hi Padraic

I just want to congratulate you Padraic on a great meeting yesterday evening. It was a fantastic turnout with very good media coverage!! I hope this galvanises people to come together and make a combined effort to push "the bank of you" "to do the right thing for us" your leadership is very much apprecited by us all!!


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