The two unions at ACC Bank are calling for immediate intervention after the bank announced it is to withdraw from the Irish banking market in 2014.

The move will mean the loss of 180 of jobs out of its 470 employees here as it now focuses on debt recovery.

The lender said it will no longer offer current and deposit accounts, and that savers will be re-paid in full. ACC also said it will close all its business centres to the public and intends to give up its banking licence.

UNITE Regional Officer Colm Quinlan and SIPTU Sector Organiser Adrian Kane have said that the decision to wind it down is a very sad day for the bank's employees and their families.

"The workers are obviously very angry about the announcement, especially since they have been consistently told over the last five years that it was 'business as usual'" they said.

"We will be seeking an urgent meeting with the government to look at utilising the skills base of ACC staff, which combined with capital in the Strategic Investment Fund and other funds, could be used to develop a State Investment Bank" they added.

SIPTU represents 200 members and UNITE approximately 100 workers in ACC.

'Costs will exceed income for 2014'

ACC is owned by the Dutch group Rabobank. In a statement, it said the remaining Rabobank businesses in Ireland are not impacted by the announcement.

ACC has been hit hard in recent years by losses on loans to the property market, mainly to developers. It lost €219 million in 2012 and has racked up losses of €1.2 billion against its loan book.

"While costs have been cut significantly, including a substantial restructuring programme in 2009, we are heading towards a situation where, without intervention, our costs will exceed our income during 2014. This is an unsustainable position and we need to take action now," it said in a statement.

The bank said its loan book to Irish customers at the end of 2012 was €4 billion.

Newstalk's Business Editor Ian Guider has more details.