ACCBank
Encyclopedia
ACCBank plc is a commercial bank
in Ireland that focuses on agriculture
and SME lending. The bank has its origins in the Agricultural Credit Corporation (Corparáid an Chairde Talmhaíochta) set up in 1927 in the Irish Free State
to finance agriculture, the bank was successful and lead to the creation of the Industrial Credit Company which was modelled on it and provided finance to industry
. In the early 1990s, the company name was changed from "Agricultural Credit Corporation plc" to "ACCBank plc" in order to signify that the company was now targeting more than simply agricultural customers. In early 2002, the bank was sold by the Irish Government
to Rabobank
.
The Agricultural Credit Corporation was founded in September 1927 and was one of the first creations of the Irish Free State.
1988
A new Agricultural Credit Act empowered the corporation to deploy up to 25% of its risk assets outside agriculture and the foundations of present day ACCBank were laid.
2000
ACCBank refocused its business model on the SME and Agri sectors positioning the bank as a relationship bank in these sectors.
2002
ACCBank became a wholly owned subsidiary of Rabobank.
Present day
With the backing of its parent, ACCBank is now embarking on ambitious plans to strengthen and grow its presence in Ireland as a leading Business and Agri-business bank.
Now, as part of the Netherlands-based, AAA rated, Rabobank Group, ACCBank’s range of products and services includes commercial mortgage
s, working capital finance, asset finance and leasing and wealth management
.
Horse racing is almost a religion in Ireland and is strongly associated with both the Agri and SME market. Punchestown is the number one festival in the National Hunt racing season, as well as being one of the biggest corporate events in the calendar. This year's Festival attracted a record-breaking 32,500 people to the racecourse in Co. Kildare a few miles out of Dublin, including upwards of 3,000 corporate guests per day.
The race itself was a thrilling spectacle, with Silent Oscar pipping last year's winner Macs Joy at the post, to rapturous applause from the packed grandstands.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Ireland that focuses on agriculture
Agriculture
Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
and SME lending. The bank has its origins in the Agricultural Credit Corporation (Corparáid an Chairde Talmhaíochta) set up in 1927 in the Irish Free State
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
to finance agriculture, the bank was successful and lead to the creation of the Industrial Credit Company which was modelled on it and provided finance to industry
Industry
Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
. In the early 1990s, the company name was changed from "Agricultural Credit Corporation plc" to "ACCBank plc" in order to signify that the company was now targeting more than simply agricultural customers. In early 2002, the bank was sold by the Irish Government
Irish Government
The Government of Ireland is the cabinet that exercises executive authority in Ireland.-Members of the Government:Membership of the Government is regulated fundamentally by the Constitution of Ireland. The Government is headed by a prime minister called the Taoiseach...
to Rabobank
Rabobank
Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...
.
Company history
1927The Agricultural Credit Corporation was founded in September 1927 and was one of the first creations of the Irish Free State.
1988
A new Agricultural Credit Act empowered the corporation to deploy up to 25% of its risk assets outside agriculture and the foundations of present day ACCBank were laid.
2000
ACCBank refocused its business model on the SME and Agri sectors positioning the bank as a relationship bank in these sectors.
2002
ACCBank became a wholly owned subsidiary of Rabobank.
Present day
With the backing of its parent, ACCBank is now embarking on ambitious plans to strengthen and grow its presence in Ireland as a leading Business and Agri-business bank.
Now, as part of the Netherlands-based, AAA rated, Rabobank Group, ACCBank’s range of products and services includes commercial mortgage
Commercial mortgage
A commercial mortgage is a mortgage loan made using commercial real estate as collateral to secure repayment.A commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial...
s, working capital finance, asset finance and leasing and wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
.
ACCBank Champion Hurdle 2007
For the second year running, ACCBank was title sponsor of the 2007 Champion Hurdle, Ireland's richest Grade 1 Hurdle race, which took place on the concluding day of the Irish National Hunt Festival at Punchestown, on Friday 27 April.Horse racing is almost a religion in Ireland and is strongly associated with both the Agri and SME market. Punchestown is the number one festival in the National Hunt racing season, as well as being one of the biggest corporate events in the calendar. This year's Festival attracted a record-breaking 32,500 people to the racecourse in Co. Kildare a few miles out of Dublin, including upwards of 3,000 corporate guests per day.
The race itself was a thrilling spectacle, with Silent Oscar pipping last year's winner Macs Joy at the post, to rapturous applause from the packed grandstands.