Banking

Central Bank may give leeway to Ulster and KBC customers

The regulator says it is considering ‘targeted actions’ for people who miss payments due to switching accounts

The Central Bank is to consider relaxing reporting requirements relating to Ulster Bank and KBC Ireland customers who miss payments during the changeover of their accounts. Picture: Fergal Phillips

The Central Bank is to consider relaxing reporting requirements relating to Ulster Bank and KBC Ireland customers who miss payments during the changeover of their accounts.

The financial regulator is considering “targeted actions” to assist customers of the two departing banks after facing calls for it to introduce an extended grace period for anyone who misses important payments as a result of the bank switch-over.

Hundreds of thousands of customers are due to switch to ...