ACC to lay off 200 and shut 16 branches

THE likelihood of difficult times ahead is forcing ACC Bank to cut 200 jobs and close 16 branches across the country.

The lender, which is owned by Dutch financial firm, Rabobank, is blaming the global financial crisis, sharp deterioration in the Irish economy and the collapse of the local property market for the cost-saving measures.

Earlier this year ACC reported an after-tax loss of €244 million – down from a post-tax profit of €39.9m for the previous year. There was also a slight decline to €6.5bn in the value of loans to customers.