51:, 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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to finance agriculture; the bank was successful and led to the creation of the
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297:"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
357:Documents and clippings about ACC Loan Management
126:loses. The bank had reported losses since 2007.
265:"180 ACCBank jobs to go in services withdrawal"
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385:Financial services in the Republic of Ireland
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232:"ACCBank Restructuring – Customer Q&A"
59:, it was one of the three entities of the
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151:International Financial Services Centre
277:from the original on 27 February 2021
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329:from the original on 5 December 2021
303:from the original on 15 August 2021
187:Hardiman, Cyril (25 October 2001).
101:of products and services included
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395:2019 disestablishments in Ireland
209:from the original on 7 March 2016
168:Agricultural Mortgage Corporation
41:Corparáid an Chairde Talmhaíochta
37:Agricultural Credit Corporation
189:"Rabobank set to buy ACC Bank"
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361:20th Century Press Archives
27:in Ireland that focused on
17:ACC Loan Management Limited
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49:Industrial Credit Company
380:Defunct banks of Ireland
43:) set up in 1927 in the
163:List of Irish companies
153:with a skeleton staff.
144:2018-19: Sale of loans
103:commercial mortgages
273:. 25 October 2013.
23:, was originally a
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61:Rabobank (Ireland)
194:Irish Independent
107:wealth management
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29:agriculture
21:ACCBank plc
19:, formerly
374:Categories
197:. Dublin.
174:References
203:0021-1222
327:Archived
301:Archived
275:Archived
270:RTÉ News
236:ACC Bank
207:Archived
157:See also
57:Rabobank
363:of the
359:in the
246:5 March
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335:2021
309:2021
283:2021
248:2014
215:2021
199:ISSN
96:2002
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80:1988
72:1927
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