KBC Ireland Sets €14 Million Aside for Expected Tracker Fine

KBC Group Ireland has set €14 million aside to cover an expected Central Bank fine for its involvement in the tracker mortgage scandal going back more than a decade, The Irish Times reported. The figure was part of a wider €18 million tracker-related provision that the Belgian-owned bank booked in the third quarter of the year, it said on Thursday. The charge drove a reduction in the bank’s net profit for the period to €4.4 million from €33.6 million for the corresponding three months in 2018. The wider KBC Group’s profit dipped to €612 million from €701 million. KBC Bank Ireland is the last among five lenders in the State subject to a Central Bank enforcement investigation relating to the issue put money aside for likely sanctions. Rival Permanent TSB was fined €21 million earlier this year for its handling of the industry-wide debacle. Read more

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