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DSB boss took millions from 'his' bankTuesday 13 October 2009 The collapse of independent bank DSB will have serious consequences for its owner and founder Dirk Scheringa because he has borrowed large amounts of money from the bank to fund his other interests, according to media reports on Tuesday. On Monday, the bank was put under central bank control and administrators were appointed. The intervention followed a run on savings. In total, over €600m was removed from the bank over the past few days. 'The large outflow of liquidities jeopardised DSB’s existence in the short term. Moreover, DSB’s solvency is under serious pressure,' the central bank said in a statement. The Volkskrant says Scheringa has taken at least €128m from the bank and its insurance subsidiaries since 2006. The money was put into football club AZ, his modern art museum, a country house in Friesland and a private jet, the paper says. According to the Volkskrant, if Scheringa is guilty of maladministration or other offences, the curators will move to recover the cash. Scheringa, a former policeman, features in the Quote 500 rich list at number 97 with assets of €285m. Mortgages DSB has been hit by a crisis of confidence following claims it saddled customers with mortgages they could not afford and unnecessary insurance policies. All savings at the bank have now been frozen and bank customers can use their bank cards to withdraw a maximum €750 - or €250 a day - before Wednesday afternoon. Savers with up to €100,000 in the bank will be able to get their money back under the country's deposit guarantee scheme. But some 4,000 people with savings in excess of this amount are likely to lose the rest. And some 4,000 people with subordinated deposits, which earned interest of around 6.5%, are not covered by the guarantee scheme at all. It is not yet clear if a compensation deal for some customers who were oversold mortgages will still come into effect. Inquiries Finance minister Wouter Bos said at a news conference that he is setting up an independent inquiry into events at the bank, including the way the executive board carried out its duties. Former finance minister Gerrit Zalm, who is currently in charge at ABN Amro, was chief finance officer (CFO) at the bank from July 2007 to the end of 2008, at the same time the company was over selling mortgages. Zalm issued a personal statement on Monday afternoon. 'I believe that during the period of just over a year I spent as CFO I successfully sought to achieve improvements in policy. I am confident that this will be confirmed by the investigation that has been announced and in which I will obviously fully cooperate,' Zalm said. Should the government bail out DSB? Take part in our poll © DutchNews.nl Get the DutchNews.nl newsletter in your mailbox: Click here to subscribe
OK, not sure if i understand this properly but sound like i'd like Zalm to be grilled for being such pro... finance minister, head of bank, geee this guy is like a guru or smth. By GGGG | October 13, 2009 11:42 AM OK, someone needs to explain to me a few things. 1. How does a former policeman end up owning his own bank? Was he on the take or use some ill-gotten gains to create his own bank in the first place? 2. When will people wake up and realise that good corporate governance prohibits executives and directors from taking out huge sums of unsecured debt from the company they're employed with to finance fanciful things such as private jets, football clubs and homes in the country, and lastly 3) when will the Dutch govt wake up and arrest all these crooks masquerading as bankers and finally do what we, the electorate, voted them in for and protect us rather than their crooked banker friends By Claython | October 13, 2009 8:00 PM Place your comments: |
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A former policeman who became a banker? Mr Scheringa obviously felt very at much at home in the company of thieves and/or people who love and worship money.
By Michael Dawkes | October 13, 2009 11:18 AM