Patrick Costello (Dublin South Central, Green Party)
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187. To ask the Minister for Finance when the transfer of deposits account holders took place (details supplied); the person or body that approved same; and when this occurred. [60823/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The transfer of deposit accounts from KBC Bank Ireland to Bank of Ireland is part of a transaction which will see Bank of Ireland acquire substantially all of KBC Bank Ireland's performing loan assets and deposits as KBC prepares to exit the Irish market.

The decision to acquire or dispose of banking assets and liabilities is a commercial matter for the management of each bank. On 16 April 2021, KBC Group announced that KBC Bank Ireland had entered into a Memorandum of Understanding (MoU) with Bank of Ireland Group. 

On 22 October 2021, the parties reached a legally binding agreement whereby Bank of Ireland Group would acquire substantially all of KBC Bank Ireland’s performing loan assets and deposits. In addition, a small portfolio of non-performing mortgages is to be acquired as part of the transaction.

On 23 May 2022, the transaction received approval from the Competition and Consumer Protection Commission (CCPC). 

On the 1st of December, following consultation with the Governor of the Central Bank, I signed two Orders under Section 33 of the Central Bank Act, 1971, to approve a scheme for the transfer of certain banking assets and liabilities from KBC Ireland to Bank of Ireland following the commercial agreement between the two banks and the CCPC approval of the transaction.

Further information on the transaction and the next steps for customers are available on KBC's website.

In relation to the timing of the transaction, KBC stated in a press release, on 2 December 2022, that it is foreseen that the transaction will be finalised and the migration of customers will occur in the first quarter of 2023.