The bank plunged into the red in 2000 after it was forced to make a £17.9 million settlement with the Revenue relating to unpaid Deposit Interest Retention Tax (Dirt) during the period that it was in state ownership.
There was controversy too about the manner in which ACC supervised a £51million syndicated loan to develop the luxury Four Seasons Hotel, after the two companies developing the hotel went into receivership in 2000. It emerged that one...
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