Friday 18 August 2017

ACC Loan Management posted losses of €166m in 2014

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

After tax losses at the former ACC Bank were €166m last year, 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 in the wake of the financial crash. 

The after tax loss on ordinary activities last year fell to €166m from €290m.Operating income fell to €61.3m from €73.5m in 2013.

ACC Loan Management was sitting on €2bn of loans at the end of 2014, down from €2.6bn at the end of the previous year. It recorded an impairment charge of €190m for 2014, down from €324m in 2013.

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