62:, which was modelled on it and provided finance to industry. In the early 1990s, the company name was changed from "Agricultural Credit Corporation plc" to "ACCBank plc" in order to signify that the company was then targeting more than simply agricultural customers. In early 2002, the bank was sold by the
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ACCBank became a wholly owned subsidiary of
Rabobank. With the backing of its parent, ACCBank embarking on ambitious plans to strengthen and grow its presence in Ireland as a leading Business and Agri-business bank. As part of the Netherlands-based, former AAA rated, Rabobank Group, ACCBank’s range
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SIPTU and UNITE trade unions wanted the
Government to take ACC Bank back into State ownership and were looking for a meeting with the Minister for Finance in an attempt to seek to save jobs. They referred to the inclusion of a State investment bank in the Programme for Government. There was some
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Commenting on the changes, country manager Kevin
Knightly for parent Rabobank found losses incurred by ACC Bank Plc because of the property crisis, a position emerging of its costs exceeding income during 2014 and that position was unsustainable for its parent, requiring immediate action to stem
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ACCBank decided to restructure with a focus solely on debt recovery, and stopped delivering banking services on 30 May 2014. This meant the closure of current accounts and return of all deposits, including interest due. All
Business Centres in Cork, Drogheda, Dublin, Galway, Kilkenny, Limerick,
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ACCBank ceased to be a bank mid-2014 returning its banking licence but continued to manage its loan portfolio. After ACCBank returned its banking licence, it was regulated by the
Central Bank of Ireland, but with an alternative status and not as a bank.
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ACC also explored the possibility of outsourcing a portion of its loan book, in the region of 10%, excluding agricultural loans and selected Capita as the preferred service provider who have 1,000 staff in
Ireland.
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The remaining assets and liabilities of ACCLM, mainly consisting of dormant or unclaimed accounts, were transferred to ACC Investments
Limited. ACCIL still operates from a small office in the
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A new
Agricultural Credit Act empowered the corporation to deploy up to 25% of its risk assets outside agriculture and the foundations of present-day ACCBank were laid.
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Mullingar, Sligo and
Waterford were closed to the public and the management of loan facilities was centralised instead of being dealt with the local business centres.
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The parent company, Rabobank Group, had provided capital support of €1.3 billion to ACC since 2008 with over €2.1 billion of the loan book written down since 2008.
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In
December 2018, ACCLM transferred the ownership of outstanding loans to the Dutch parent company, which sold the portfolios the following year.
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redeployment opportunities to Rabobank but no new business was being generated for some time with the bank's staff focused on debt recovery.
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lending, and later became a company that focussed on managing the lending facilities of its existing clients. The bank had its origins in the
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ACCBank refocused its business model on the SME and Agri sectors positioning the bank as a relationship bank in these sectors.
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The Agricultural Credit Corporation was founded in September 1927 and was one of the first creations of the Irish Free State.
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ACC had 5,000 deposit customers totaling €110 million. Overdrafts on current accounts amounted to almost €75m.
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334:"Account Closures / Discontinued Products / Dormant Accounts – ACC Loan Management"
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to finance agriculture; the bank was successful and led to the creation of the
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308:"Transfer & Sale of ACCLM Loan Portfolio – ACC Loan Management"
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2014 - ACCBank Restructuring, ceases banking, debt recovery focus
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Former state-sponsored bodies of the Republic of Ireland
368:Documents and clippings about ACC Loan Management
137:loses. The bank had reported losses since 2007.
276:"180 ACCBank jobs to go in services withdrawal"
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396:Financial services in the Republic of Ireland
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243:"ACCBank Restructuring – Customer Q&A"
70:, it was one of the three entities of the
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162:International Financial Services Centre
288:from the original on 27 February 2021
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340:from the original on 5 December 2021
314:from the original on 15 August 2021
198:Hardiman, Cyril (25 October 2001).
112:of products and services included
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406:2019 disestablishments in Ireland
220:from the original on 7 March 2016
179:Agricultural Mortgage Corporation
52:Corparáid an Chairde Talmhaíochta
48:Agricultural Credit Corporation
200:"Rabobank set to buy ACC Bank"
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372:20th Century Press Archives
38:in Ireland that focused on
28:ACC Loan Management Limited
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60:Industrial Credit Company
391:Defunct banks of Ireland
54:) set up in 1927 in the
174:List of Irish companies
164:with a skeleton staff.
155:2018-19: Sale of loans
114:commercial mortgages
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34:, was originally a
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72:Rabobank (Ireland)
205:Irish Independent
118:wealth management
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40:agriculture
32:ACCBank plc
30:, formerly
385:Categories
208:. Dublin.
185:References
214:0021-1222
338:Archived
312:Archived
286:Archived
281:RTÉ News
247:ACC Bank
218:Archived
168:See also
68:Rabobank
374:of the
370:in the
257:5 March
18:ACCBank
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346:2021
320:2021
294:2021
259:2014
226:2021
210:ISSN
107:2002
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91:1988
83:1927
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44:SME
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