ACCBank has undertaken a significant restructuring of its senior management, designed to prepare the bank for a possible sale or strategic alliance and the advent of the euro.

As part of the restructuring plan, the bank is understood to have recruited a new head of risk management from an English bank, Mr Dominic Carratu, who will look after all aspects of the bank's exposures. This move is to bring the bank more into line with modern financial management practice.

ACCBank's chief executive, Mr John McCloskey, has also reorganised the bank's three main business units into two by amalgamating group treasury and its corporate business into one area under Mr Colm Darling. Retail banking will remain a separate division within the bank.

Two senior and long-serving managers in the bank are retiring. Mr Billy Moore was deputy chief executive and had been with the bank for 40 years, as had secretary Mr Gerry Boyle.

As part of the restructuring, the financial control unit is also to become a discrete function, while a new service division covering areas such as computing, human resources and marketing has also been created. Six people will report directly to the chief executive under the new arrangement.

The Government has already decided in principle to sell up to 100 per cent of the shareholding of both ACCBank and ICC. ACCBank has been seen as a likely candidate for a strategic alliance for a foreign banking group for some time, and has had discussions with the French bank, Credit Agricole.

Discussions have taken place with the trade unions in both ACC and ICC and tenders are likely to be invited for the two by the Minister for Finance, Mr McCreevy, in the coming months.