Bank of Ireland faces 'significant concessions' to get €8.8bn in KBC mortgage loans

Competition watchdog CCPC reiterated deal involves substantial lessening of competition in banking and is likely to 'impose significant conditions' for KBC deal with Bank of Ireland to go ahead, competition lawyer says

Bank of Ireland proposes to get €8.8bn of mortgage loans, €100m of commercial and consumer loans, as well as €4.4bn of deposits from KBC. The lender also plans to acquire €300m of non-performing mortgages.

Bank of Ireland will likely have to deliver "significant concessions" for its plan to acquire €8.8bn in mortgage loans from KBC to get the go-ahead, a leading competition lawyer has said. 

It comes as the Competition and Consumer Protection Commission, or CCPC, issued a preliminary scorecard in its so-called Phase 2 full probe.