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THE COMPETITION AND consumer watchdog has decided to open a full investigation into Bank of Ireland’s (BoI’s) proposed purchase of KBC Bank’s €9 billion performing loan book.
The so-called ‘Phase 2′ probe was announced by the Competition and Consumer Protection Commission (CCPC) this afternoon after an extended preliminary — or ‘Phase 1′ — investigation had concluded.
After KBC signalled its intent to withdraw from the Irish market, it was announced in April that BoI had entered into a memorandum of understanding with the Belgian lender to purchase its entire performing loan book.
At the time, KBC said the sale purchase is “subject to customary due diligence, further negotiation and agreement of final terms and binding documentation”.
The decision came two months after Natwest Group announced its decision to wind down Ulster Bank in the Republic of Ireland over the coming years.
Taken together, the two exit announcements have prompted concern among policymakers and consumer groups about the level of competition in the Irish market, soon to be dominated by just three retail lenders — Bank of Ireland, AIB and Permanent TSB.
At the time, Sinn Féin finance spokesperson Pearse Doherty described the decision as a “body blow” for customers while Social Democrats co-leader said it was a “consumer nightmare“.
In a statement this afternoon, the CCPC confirmed that it has decided to launch a full investigation into the proposed acquisition.
“Following an extended preliminary investigation, the CCPC has determined that a full investigation is required in order to establish if the proposed transaction could lead to a substantial lessening of competition in the State,” the statement said.
The CCPC has invited anyone who wishes to send to send in a submission regarding the proposed sale of KBC to BoI to do so via email to mergers@ccpc.ie, by 4.30pm Wednesday 10 November 2021.
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Leo would u please have some consideration for the patients and staff of this hospital instead of reminiscing on Princess Diana and obsessed with your own PR unit.
@TheBluffmaster2: Must not forget Egypt & the holiday makers out there
Dignity,and a safe environment,that’s a start.
Unbelievable in this day and age.
Another group the government has no interest in which to spend money.
An absolute nightmare for those having to live and work there. Sounds like something from a backward third word country.
What amazes me is the mental health inspectorate does all these reports but they are just reports they have no power to implement change unlike hiqua. Hiqua was suppose to be extended to mental health facilities, this was discussed at goverment level oved 2years ago!
Next year thete will be another report from mhc but why usnt the facility told that certain changes have to be implemented or their license wont be reissued! Accountability
This is nothing new. About ten yrs ago I was in a psychiatric ward. One of the patients was smoking the funny stuff every day. The therapy room had a ps2 in it. Only game they had was mortal kombat, a pretty violent game by any standard. I was also given a razor and allowed to lock myself into the shower room. The counselling I received was asking me every day if I could fly or did I have super powers. Oh and I got to make candles. Thankfully I got my shît together thanks to family and friends.
Not good enough
The Staff working there probably run off there feet , don’t get time to clean an tidy the place . What a waste of money this is poor very sick people having to smoke out the window. God help us . Why do these inspections not look at how short these units are. Think this is a nice handy number if you get on board.
Quick! Give the HSE another billion euros so they can pay some managers and consultants to fix the problem!
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