Office Notice No. 4 of 2010
On 24th October 2008 IIB HOMELOANS changed its name to KBC MORTGAGE BANK.
With effect from 26th June 2009, pursuant to section 33 of the Central Bank Act 1971, KBC MORTGAGE BANK transferred its mortgage loans to KBC BANK IRELAND PLC. Such a transfer has effect as a deed registered in the Registry of Deeds or Land Registry on the date on which it took effect, S.I. No. 125 of 2009 refers. (KBC MORTGAGE BANK subsequently changed its name to KBC MORTGAGE FINANCE)
After the operative date the KBC BANK IRELAND PLC will seal vacates of charges in the name of the two earlier named entities.
The bank trades under the name of KBC HOMELOANS. This trading name is not to appear on the register
Frank Treacy
Deputy Registrar
April 2010
NOTE: KBC Bank Ireland PLC ceased its lending operations in July 2022. With effect from 1 December 2023, pursuant to section 33 of the Central Bank Act 1971 (CBA 1971), KBC BANK IRELAND PLC (KBCI) transferred its remaining banking business to KBC BANK NV.
On 25 May 2023, KBC Bank Ireland PLC (KBCI) and KBC Bank NV entered into a transfer agreement (the “Transfer Agreement”) to transfer all KBCI’s remaining assets and liabilities to KBC Bank NV (the “2023 Transfer”) save for any assets and liabilities expressly excluded by the Transfer Agreement. The 2023 Transfer completed on 1 December 2023 (the “Transfer Date”) by way of a Part III Transfer under Section 33 of the Central Bank Act 1971 effected by Ministerial Order made under Statutory Instrument 447 of 2023. It then transferred its banking business to KBC BANK NV.
Following the Transfer Date, KBCI effectively had no remaining assets or liabilities. The following steps were then taken:
- KBC Bank Ireland plc converted to a designated activity company, KBC Bank Ireland DAC, effective 5 December 2023.
- KBC Bank Ireland DAC changed its name to Exicon DAC and a Certificate of Incorporation on Change of Name issued from the Companies Registration Office on 8 February 2024.
- Exicon DAC returned its banking licence to the Central Bank of Ireland, with approval from the European Central Bank, effective 30 April 2024.
- A liquidator, Mr. James Anderson of Deloitte Ireland LLP, was appointed to Exicon DAC on 15 May 2024.
- A final meeting of Exicon DAC was held on 1 May 2025 for the purpose of dissolving the company, and
- Exicon DAC was moved to ‘dissolved’ status by the Companies Registration Office in October 2025
The Transfer Order implements the Transfer Scheme and transferred any remaining charges or ‘Legacy Charges’ to KBC Bank NV by operation of law. Such a transfer has effect as a deed registered in the Registry of Deeds or Land Registry on the date on which it took effect. Statutory Instrument No. 447 of 2023 refers.
Therefore, from 1 December 2023 KBC BANK NV is entitled to provide releases or discharges of charges granted in favour of KBC BANK IRELAND PLC, KBC BANK IRELAND DAC and EXICON DAC.
The following text sets out in more detail operation of this transfer order and transfer scheme:
Through various asset disposal transactions, KBC Bank Ireland plc disposed of all its ‘live’ or ‘active’ secured lending portfolio. Each of the acquirers of those portfolios have taken the required steps to register their interest as owners of the transferred security.
There remain some charges and mortgages registered in favour of KBC Bank Ireland plc on the Land Register and in the Registry of Deeds (referred to in this Office Notice as “Legacy Charges”).
These Legacy Charges relate to secured lending that was redeemed by the relevant borrowers prior to 2023, but in respect of which no discharge has been presented for registration purposes.
Section 33 of Part III of the Central Bank Act 1971 (CBA 1971) provides for a statutory mechanism under which a bank may transfer all or part of its banking business to another Irish bank or an Irish branch of an EU registered bank (a “Part III Transfer”). The process involves the submission of a transfer scheme (the “Transfer Scheme”) to the Minister for Finance (the “Minister”) for approval. Subject to that approval, the Minister will give effect to the transfer scheme by way of a ministerial order (the “Transfer Order”), which is published as a statutory instrument.
The Transfer Order operates as a matter of Irish law, by way of statute, to immediately transfer to the transferee (i.e., KBC Bank NV) the legal and beneficial interest in the assets and liabilities that are specified in the Transfer Scheme.
On 25 May 2023, KBC Bank Ireland PLC (KBCI) and KBC Bank NV entered into a transfer agreement (the “Transfer Agreement”) to transfer all KBCI’s remaining assets and liabilities to KBC Bank NV (the “2023 Transfer”) save for any assets and liabilities expressly excluded by the Transfer Agreement.
The 2023 Transfer completed on 1 December 2023 (the “Transfer Date”) by way of a Part III Transfer under Section 33 of the CBA 1971 effected by Ministerial Order made under Statutory Instrument 447 of 2023. It then transferred its banking business to KBC BANK NV.
The 2023 Transfer operated to transfer all KBCI’s remaining assets to KBC Bank NV, save those specifically excluded under Part 1 of Schedule 1 of the Transfer Agreement.
In respect of the 2023 Transfer, both the Transfer Order and the Transfer Scheme refer to the “Transferring Assets” as defined in the Transfer Agreement, being all the Assets of KBCI save those specifically excluded under Schedule 1 of the Transfer Agreement. The ‘Legacy Charges’ are not excluded under Schedule 1.
Section 35 of the CBA 1971 applies to a transfer of securities pursuant to a Part III Transfer and provides that any security held by KBCI shall be transferred or deemed to transfer on the relevant transfer date.
Section 36 of the CBA 1971 provides that any security transferred or deemed to have been transferred to KBC Bank NV in accordance with or by virtue of the provisions of Section 35 of the CBA 1971 shall not require registration under or in pursuance of the Registration of Deeds Act 1707, the pre-Union Irish Statute 33 Geo. 2 c.14(Ir.), the Registration of Title Act 1964 or Section 409 of the Companies Act 2014 (together the “Acts”), but shall operate for the purposes of those Acts as if it were made by deed duly registered on the relevant transfer date under or in pursuance of whichever of those Acts may be applicable thereto.
The Transfer Scheme mirrors Section 35 and Section 36 of the CBA 1971 and provides that any security transferred or deemed to have been transferred to KBC Bank NV shall not require registration under the Acts.
By virtue of Sections 35 and 36, and particularly Section 36(a), the transferee of a banking business transferred under Part III of the CBA 1971 is not required to take any steps to have the Register updated to reflect the transfer of the legal ownership of relevant charges to it.
Following the Transfer Date, KBCI effectively had no remaining assets or liabilities. The steps set out above in this notice were then taken towards the return of KBCI’s banking licence and its subsequent liquidation. The Transfer Order implements the Transfer Scheme and is what transferred the ‘Legacy Charges’ to KBC Bank NV by operation of law.
The re-registration of security in respect of the Legacy Charges happened by operation of law under the Transfer Order which effects the Transfer Scheme that mirrors Section 35 and Section 36 of the CBA 1971, with the result that KBC Bank NV is deemed to be the registered owner of these ‘Legacy Charges’ without the need for any further steps to be taken in a registration context. Such a transfer has effect as a deed registered in the Registry of Deeds or Land Registry on the date on which it took effect. Statutory Instrument No. 447 of 2023 refers.
As of 1 December 2023, KBC BANK NV is entitled to provide releases or discharges of charges granted in favour of KBC BANK IRELAND PLC, KBC BANK IRELAND DAC and EXICON DAC.
Updated 02 of December 2025
Head of Legal Standards and External Liaison