Tuesday 27 September 2016

ACC Bank returned €150m to its Dutch parent after exit decision

Published 06/06/2015 | 02:30

ACC Bank on Charlemont Street, Dublin
ACC Bank on Charlemont Street, Dublin

Dutch lender Rabobank recouped €150m from ACC Bank after its decision to pull out of the Irish market last year.

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After tax losses at the former ACC Bank were €166m in 2014, driven mainly by write-downs on loans. Rabobank-owned ACC Loan Management (formerly ACC Bank) returned its bank licence to the Central Bank last year, one of a number of banks that pulled out of the Irish market after the financial crash.

The move allowed the former bank to pay €150m to its Dutch parent Rabobank, accounts for the renamed ACC Loan Management show.

The €150m dividend to Rabobank was in repayment of capital received in December 2013, a spokeswoman for the bank said.

The capital was no longer needed because, after returning its banking licence, ACC Loan Management is no longer obliged to meet a regulatory minimum capital adequacy ratio as it manages down its assets.

The lender had €2bn of loans at the end of 2014, down from €2.6bn a year earlier. A 2014 impairment charge of €190m was down from €324m in 2013.

The after-tax loss on ordinary activities fell to €166m in 2014 from €290m. Operating income fell to €61.3m.

Staff numbers were cut by just over 100 to 365 last year.

Irish Independent

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