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ACC BANK ANNOUNCED today that it is withdrawing from providing standard banking products, such as deposit accounts and current accounts, to focus solely on debt recovery.
In a statement, they added that during 2014, the bank will close all its business centres to the public and intends to give up its banking licence.
It will however continue to be a regulated entity and said it will support its customers in the agriculture sector, “given its strong heritage in this area”. All funds on deposit with the bank will be repaid in full.
Staff reduction
As part of the restructuring there will be a reduction in staff numbers of up to 180 employees. The cost reduction programme will be introduced through a voluntary-led severance programme. Currently staff levels are at approximately 470 employees.
Kevin Knightly, Country Manager, said ACCBank had incurred significant losses since 2008 due to the deterioration of the Irish property market.
“While costs have been cut significantly, including a substantial restructuring programme in 2009, we are heading towards a situation where, without intervention, our costs will exceed our income during 2014. This is an unsustainable position and we need to take action now,” he said.
ACCBank siad it is exploring the possibility of outsourcing a small portion of its loan book, excluding agricultural loans.
Under the bank’s restructuring, there will be no changes to the businesses of Rabobank Ireland plc and RaboDirect, two other operations of the Rabobank Group in Ireland, and they will continue to operate as usual with no impact on their customers or businesses as a result of this restructuring.
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I was wondering what Amy Hubermann was thinking of it all. Thank God for The Journal.
@The Guru: Never mind that nobody Barbara S…FFS.
Went into spar for a cup of coffee, the sun was so strong there was people wearing sun glasses outside. When i came out 5mins later there was a hail shower. Mad stuff that coffee
Oh, that was good for a smile at the end of a working day!
April showers bring may flowers
@Alan Carthy: Hope your right Alan we’ve all the baskets done
@Alan au contraire. Whan that Aprille with his shoures swete / The droghte of Marche hath pierced to the root…and loads of my bedding plants look frost nipped.
Then it got sunny, then the hail returned, then rain, then the sun came back…don’t know what is next, cats and dogs?
@The Girl:
Years ago when roots were thatch, cats and dogs slept in them to keep warm. When it got too wet the cats and dogs would slip out, hence the saying ‘it’s raining cats and dogs’.
@Lily: Yes but where did the expression “It’s p155ing down out of the high heavens” originate.
We have a saying or nursery kind of song in German:
April, April der macht was er will. Mal Regen und mal Sonnenschein dann schneit es wieder zwischendrein, April, April, April, der macht was er will.
Translation lol
APRIL APRIL APRIL DOES WHAT IT LIKES. ONCE RAIN AND ONCE SUNSHINE THEN SNOW IN BETWEEN. APRIL APRIL APRIL DOES WHAT IT LIKES…
and finishes the sentence in sunshine lol
@Christine Klein: heil heil heil…ja ja ja
Lots if hail, thunder and lightning at the minute. Serious stuff
@niall: are you a bit scared Niall?
@Captain kirk: thunder and lightening, very very frightening!
@Rui Firmino: mid twenties here…..nice
@Gus Sheridan: mid forties here…. So a bit older than you.
@Paraic McDonagh: Early 40′s here.
Oops… Someone spilled their Crystal meth all over the road
Looks like Summer’s over. It’s all downhill from here
Only another eight weeks and the nights will be getting shorter.
Amy Huberman giving Flann O’Brien a run for his money there.
That Amy Huberman is a hoot.
How dare you be in Portugal!!
Thunder and lightning is no lark!
https://youtu.be/pd_kAMrB1Gs
April is the cruellest month. Eliot was right. Reckon it was too early to put out the sweetpea.
Ne’er cast a clout ’til May is out. Monkey’s not brass but fralsetto today.
Earth is fu*ked up.
@Paul Radburn: Snow in Turkey today and in Germany yesterday?
https://youtu.be/PIjNB_QYiws DUBLIN sleet today with a blue sky in backround
have your say