IFA Farm Business Chairman Tom Doyle said farmer customers of ACC would be very concerned at the announcement today that the bank is to restructure.
ACC, which has traditionally been known as a farmer’s bank, has provided banking facilities for thousands of farmers over the years.
He said IFA has been in contact with ACC to highlight farmer concerns and have looked for a meeting with management as soon as possible.
ACC have confirmed to IFA that they will continue to service all farmer-related term loans, and the bank intends to continue to provide new loans to their farmer customers. However, farmer customers who have a current account and overdrafts with ACC cannot be negatively impacted by the decision of the bank to close these facilities.
Tom Doyle said the move by ACC is another major blow for competition in the sector and the Government must ensure the remaining banks do not exploit this opportunity by increasing the cost of loans and banking facilities.