Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
ACC bank has announced 200 redundancies, which amounts to almost one third of its workforce. ACC plans to close 16 branches across Ireland as a result of the financial crisis. ACC is owned by Dutch group Rabobank and lends to small and medium-sized businesses and the agricultural sector. It presently employs 660 people. It is envisaged that staff are to lose their jobs from July 2009 onwards. Branch closures are expected to commence in October 2009, and to be concluded by April 2010. The branches due to close are Athlone, Ballina, Castlebar, Cavan, Clonmel, Ennis, Dungarvan, Letterkenny, Monaghan, Navan, Nenagh, Roscommon, Tralee, Tuam, Tullamore and Wexford. The remaining nine business centres will be located in Dublin, Cork, Galway, Limerick, Kilkenny, Drogheda, Sligo, Waterford and Mullingar.
The company has attributed the redundancies to the financial crisis, the serious Irish economic recession, and the collapse of the Irish property market.
Eurofound (2009), ACC Bank, Internal restructuring in Ireland, factsheet number 68944, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68944.