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.
ACCBank is to reduce its workforce by 180 people, due to restructuring which will see the bank no longer offering deposit and current account services.
The bank is seeking 180 voluntary redundancies, which will reduce its total workforce in Ireland to 290 people.
As announced, the bank is to focus solely on debt recovery.
ACCBank is a subsidiary or RaboBank, which took over ACCBank in 2001. ACCBank was set up in 1927 and was initially owned by the State.
The SIPTU and Unite unions, which represent 200 and 100 members at ACCBank respectively, are calling for the establishment of a new State investment bank that will utilise the personnel currently employed at ACCBank.
Redundancy terms for the 180 positions likely to be affected are not yet agreed. In a restructuring deal in 2009, terms of 8 weeks' pay per year of service (inclusive of statutory entitlements) were offered to those taking redundancy then. The likelihood of such an offer available in 2013 is considered unlikely. The State-owned banks have offered the public sector standard severance package of 3 weeks' pay per year of service (plus statutory entitlements) for recent redundancies. Though ACCBank is not currently owned by the State it is considered the public sector standard severance package may be come into play as the "market rate" during negotiations on redundancy terms.
Eurofound (2013), ACCBank, Internal restructuring in Ireland, factsheet number 76064, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/76064.
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