Economy Blamed As Bank Cuts Jobs

Banking jobs are being cut at a local bank as a direct result of the economic crisis.

The ACC Bank is to cut 200 jobs which senior executives said is on foot of the sharp deterioration in the Irish economy.

The collapse of the Irish property market is also said to be to blame.

Rob Hartog, ACC Bank's Chief Executive Officer, said the economic downturn has severely impacted ACC Bank's financial performance in 2008.

The ACC Bank plc - which is part of the Rabobank Group - currently employs around 660 people in its head office in Dublin and at 25 branches around the country.

The 200 job losses will be at both the bank's head office and across the branch network with the 16 branches closing on a progressive basis between October 2009 and April 2010.

Mr Hartog said: "The decision to implement these changes at ACC Bank has been a very difficult one to make, and we will be working with trade unions and employee representatives to determine how best to implement them over the next few weeks."

A statement from a leading economist at the University of Ulster has meanwhile signalled that the North's financial health may be about to improve - suggesting an upturn from 2010.

See: NI Economy To Grow In 2010