The Bank of Ireland Arts Centre at Foster Place in Dublin is likely to be closed down at the end of June.
News of the sudden decision to close the venue has brought reaction from the public both on radio and the letters page of The Irish Times.
The date of the closure is still under discussion at the bank but it is most likely to be in the summer.
A Bank of Ireland spokeswoman said yesterday: "We're still talking about the closure date but it is likely to be the end of June. Until then it will be business as usual."
The centre offers "Out to Lunch" poetry readings every Friday, lunchtime "classical choice" concerts, evening charity recitals and art exhibitions.
It also hosts a wide variety of other events including theatre, dance performances, book launches, opera and jazz evenings and lectures.
Most events have been free.
The centre's Daniel O'Connell Room contains original artefacts and examines O'Connell's life and political career. This will also close.
The spokeswoman said: "We are looking at that at the moment.
"We may offer it to a museum who may be interested. There's still a lot of detail to be worked out with all aspects of the closure."
However, tours of the House of Lords at the Bank of Ireland, College Green, which is next to it and linked to the arts centre, will continue.
On the closure, the bank said the facilities were not up to scratch for a modern arts centre and therefore could only attract a limited range of events.
About 15,000 people attend the centre every year but it was not seen as a good enough return for the €1 million a year investment on rental and a staff of 11.
The bank's head of group corporate communications, Dan Loughrey, has said the issue was not one of saving money.
He said that after the closure, the funds usually spent on the centre would go towards the bank's social and community responsibilities.
The bank had to look at whether "greater value for more people" could be had for its shareholders' investment.
The building is owned by seven individuals based in Galway. The bank's lease on the protected structure is ongoing, and no decision has yet been made about what will happen to the building.
The arts centre was opened 11 years ago.