Business Irish

Sunday 17 December 2017

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

ACC Bank on Charlemont Street, Dublin
ACC Bank on Charlemont Street, Dublin
Donal O'Donovan

Donal O'Donovan

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

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

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business