Rabobank denies plan to pull out of Ireland

LENDING group Rabobank has rejected reports that it is considering quitting the Irish market within the next five years.

The group owns ACC Bank and its chairman Piet Moerland (right) said that its bad-loan provisions, which fell by 37pc to €596m last year, came mainly from Rabobank's business in Ireland.

Mr Moerland said the group's net income for last year climbed to €2.77bn, up from €2.21bn.

Mr Moerland said the situation in Ireland was bad but the bank was not considering withdrawing immediately.

Later the company issued a statement which said that it had no plans to exit the Irish market.