Banking culture must change at KBC

Issued : 25 September 2020

John O'Connell, FSU General Secretary said:

"This week, KBC was fined 18.3 million, the maximum sum allowed under law, for its role in tracker mortgage failures affecting over 3,500 customers. Many customers suffered serious consequences, including loss of homes."

"The fact that there may be more cases to come in KBC, as reported today, is of massive concern. FSU, as the union representing staff across the banking sector, has been alarmed at the culture pertaining in KBC. They have closed branches without reference to the needs of staff, customers and communities. The bank has consistently tried to avoid dealing with FSU. There can be no healthy banking culture in Ireland that does not take fully into consideration the needs of stakeholders.”

“The tracker failures are serious breaches of trust. KBC must accept that cultural change must permeate governance, management and banking practises.”