DSB boss to sue central bank over leaks

Wednesday 17 March 2010

The former board of independent bank DSB, which went bankrupt last year, is to sue the Dutch central bank for breaking secrecy laws, the Financieele Dagblad reports on Wednesday.

Leaks to the media about central bank plans to put the bank into administration led to a run by savers and the bank's collapse a few days later.

'We have to note that the central bank gave this information to others before judges had decided whether or not to put the bank under administrative control,' lawyer Frank 't Hart told the paper. 'That is against the law and so we are shortly to commence legal action.'

Sunday

Newspapers reported that the bank had been put under administration on Sunday evening. But the reports were wrong. Judges did take the step later on Monday after the run on savings began.

A police investigation into the leak failed to find out who was responsible but said at least 500 people were aware the central bank had asked the courts to intervene.

't Hart said the case would rest not on who leaked the information but whether the central bank was right to involve so many people.

© DutchNews.nl

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