It's fair to say news that KBC is possibly set to exit the Irish market has come as a bolt from the blue.
However, there's no denying that it's an anxious time for the bank's customers and staff and leaves them in an uncertain position.No. Firstly, it's not yet a foregone conclusion that the bank is leaving the market. Even if you draw down the loan and it moves to another lender in due course, there will be no changes to the terms of the loan.
This latest development perhaps emphasises why it's a good idea to not jump too hastily when such announcements are made. "You should always be looking at your mortgage and your bank account and seeing if there are better options out there," Eoin McGee said.Competition also drives rate down. Are we in danger of becoming an uncompetitive market?
And this is where the bulk of banking services will likely be offered in the years ahead with non-bank services like Revolut and N26 making strides in the area of current accounts and payments.
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