Oireachtas Joint and Select Committees

Tuesday, 6 February 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: KBC Bank

4:00 pm

Mr. Wim Verbraeken:

The nearly 2,500 customers we are talking about were determined as being impacted in December 2017, that is, less than two months ago. They will be restored to their correct rates by the end of this month. To clarify the rationale or reason 2,500 customers are still on the wrong rate, the process we went through with the Central Bank stretched all the way into December 2017 when we reached a final determination about all the customers and cohorts that were considered to be impacted. That is when we started the process of writing to all of these customers, which happened at the beginning of January 2018. They will be put on the right rate within two months and they will be redressed and compensated within six months.

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