BoI targets ACC’s farm loan book

BANK of Ireland is actively encouraging farmers with ACC loans to switch lenders.

Finance sources told the Farming Independent this week that Bank of Ireland was targeting performing farm loans with ACC and seeking to secure the business.

ACC is owned by the Dutch-based Rabobank, which is exiting the Irish retail banking sector.

The ACC loan book is currently managed by Asset Services, formerly Capita Asset Services, for Rabobank but it is widely anticipated that it will be sold off, although this has not been formally announced.

When asked if it was seeking to attract business from ACC, a spokesperson for Bank of Ireland confirmed that it was endeavouring to grow its farm lending.

“Our Refinance Agri Package provides certainty to customers who can move their loan, while keeping their current rate of interest,” said a BoI spokesperson.

“Bank of Ireland actively refinances debt for customers and new to bank customers.

“The bank currently has a new Refinance Agri Package which offers farmers the opportunity to move existing loans from other lenders, including ACC, while keeping the same rate of interest and loan repayment term,” the spokesperson said.

Sean Farrell, head of agriculture at BoI said: “Our Refinance Agri Package provides certainty to customers who can move their loan, while keeping their current rate of interest.”

Mr Farrell said such a move offered that opportunity for access to funds for business development and future growth.

“Our key priority is to support our customers as they build and grow their farm business,” he said.

The Farming Independent contacted Asset Services regarding the ACC loan book but the company declined to comment.

It is understood that Bank of Ireland is focusing on performing ACC farm loans and has set a cut-off date of November 30 by which to secure business.