IFA seeks meeting with ACC over closing bank facilities

The Irish Farmers’ Association wants an urgent meeting with ACC about the bank’s restructuring plans.
IFA seeks meeting with ACC over closing bank facilities

ACC Bank recently announced it is to close its standard banking operations in Ireland with 180 voluntary redundancies out of a workforce of 470.

A subsidiary of the Dutch Rabobank, it said it would be withdrawing provision of banking products such as deposit and current accounts, to focus solely on debt recovery.

ACC, which posted pre-tax losses of €219m last year, was set up in the 1920s to provide an avenue for farmers to get access to credit, and quickly became known as the farmers’ bank. Its business changed after being bought out by Rabobank over a decade ago and it started lending for property development and speculation.

IFA farm business chairman Tom Doyle said ACC has provided banking facilities for thousands of farmers over the years.

Farmer customers of ACC are very concerned at the announcement that the bank is to restructure.

Mr Doyle said IFA has been in contact with ACC to highlight the farmer concerns and has looked for a meeting with management as soon as possible.

ACC has confirmed to IFA that it will continue to service all farmer-related term loans, and the bank intends to continue to provide new loans to their farmer customers, he said. However, Mr Doyle said farmers who have a current account and overdrafts with ACC cannot be negatively impacted by the decision of the bank to close these facilities.

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