KBC fined €18.3m for 'serious failings' to tracker mortgage customers

Some customers suffered the most severe impact with 66 properties being lost by customers, 11 of which were family homes

The Central Bank said KBC's engagement with their investigation was "deeply unsatisfactory." Picture: Aidan Crawley/Bloomberg

The Central Bank has fined KBC Bank Ireland €18.3m for its serious failings to certain tracker mortgage customers that included the loss of 11 family homes.

In a statement the Central Bank said it has imposed a fine at the highest end of its sanctioning powers, reflecting the gravity with which they view the failures of KBC who held 3,741 tracker mortgage accounts from June 2008 to October 2019. KBC has admitted in full to 12 regulatory breaches.