KBC vows to rival any new Irish mortgage entrants

KBC Bank Ireland is attracting new business with its low mortgage rates and will compete with any new mortgage entrants on price, its chief executive has vowed.

Wim Verbraeken said the Irish unit, which has aggressively competed in recent years with the big three home loan lenders, AIB, Permanent TSB and Bank of Ireland, had contributed €34.2m to the €392m net profits earned by the Belgian group in the first three months of the year.

Mr Verbraeken said its announcement of cuts in its fixed and variable interest rates was long in the planning and was not a reaction to cuts by AIB.