Facebook Twitter Linkedin Google Plus Tell a Friend
Home| Columns| Features| International| In Dutch| Dictionary| What's On| Jobs| Housing| Expats| Blogs| Books
««« previousnext »»»

Bank staff should take a salary cut, says Dutch finance minister

Monday 11 February 2013

Salaries should be reduced across all levels of the banking sector, finance minister Jeroen Dijsselbloem said in an interview with the Telegraaf.

‘The banking pay and conditions agreements are very wide, for ordinary bank staff as well, ’ Dijsselbloem told the Telegraaf. Salaries are banks' biggest costs, the minister said. 'There are all sorts of reasons to reduce the banking sector pay deals, and that has to happen now.'

Pointing out that the big banks have been bailed out by the taxpayer, Dijsselbloem said: ‘We have kept jobs thanks to state support. So I think it is only reasonable workers contribute as well.’


The minister said he wants banks to take action themselves and that it is not the job of the government to intervene.

The minister’s comments follow the nationalisation of SNS Reaal 10 days ago. ABN Amro has already been nationalised and ING must still pay back a large chunk of the state support it received during the financial crisis.

At the time, Dijsselbloem defended the €550,000 pay deal for new SNS chief executive Gerard van Olphen, saying it was necessary to get the best man to do the job.


© DutchNews.nl


Readers' Comments

(It is not the job of the government to intervene) It OK to intervene with taxpayers money to bailout private banks and the taxpayer is not obligated to do this? Sheeple, need to speak up methinks, what a disgrace?

By Highlander | 11 February 2013 9:04 AM

I work for a bank. It didn't need a bailout. Do I have to take a paycut ? And contribute to what ? A government sponsored cock up ?

By paul r | 11 February 2013 10:20 AM

The minister says it is not the government's job to regulate banks! Pardon? It is OUR (the taxpayers) money the banks are paying themselves. And in the past 5 years the criminals running our banks have proven themselves time after time to be completely untrustworthy. It is ABSOLUTELY the job of the government to regulate the banks. And of the police to arrest and prosecute the bank chiefs when they award themselves (ie, steal) huge amounts of our money as 'bonuses' for their repeated dishonesty and failure. It is high time the government stepped in heavily. The bailouts are with taxpayers money, and it is their job to ensure the banks are run responsibly.

By Andy | 11 February 2013 2:15 PM

Governments should never have interfered in the first place and let bad banks go bust. This would have placed the burden with the shareholders and the people responsible for running the banks. Unfortunately, there would have been job losses and some depositors would have lost their money.

By Peter | 11 February 2013 4:55 PM

Andy: "And in the past 5 years the criminals running our banks have proven themselves time after time to be completely untrustworthy."

Eh? No one should go around with such accusations pulled out of thin air.

I do admit that all bank officials and employees as well as ANDY and myself all are imperfect people. If that makes bankers criminals they have much company, including Andy and me.

How do we avoid conviction and eternal damnation?

By Albert Kuyerhuis | 11 February 2013 6:47 PM

When people rob the banks they go to jail!
When banks rob people they get a bonus!!

By Ruud Driessen | 11 February 2013 7:29 PM

I fear that it is only those on the lowest end of the chain that will have their wages affected, namely the everyday tellers that aren't making six figures :/

By Stupid | 11 February 2013 9:38 PM

Dear Editor: Are you accurately paraphrasing Dhr. Dijsselbloem with "The minister said he wants banks to take action themselves and that it is not the job of the government to intervene." ??? If this remark is accurate, then it makes the Minister look like a complete idiot - for if there was no govt. intervention, then the SNS would have failed and the issue is moot.

By Xeno | 11 February 2013 9:43 PM

Tax on deposits in banks should also be abolised. It is a double/triple tax. Gov should encourage people to save in the banks rather than speculating in some risky products that are not taxable.

By ufo | 12 February 2013 8:31 AM

Private taxes are higher then corp. taxes. By redusing bankers slaries you decrease taxes paid and Banks collect more profits that they do not share and may re-invest into shadow deals. Who wins?
Dutch banking is good in quality only by involving a lot of highly educated foregners. They are here TO WORK HARD for good income. If you take that away, all these people will leave the counrtry. Myself as well.
What will Netherlands do after you lose the high competence here? Who will attrack money itno the contry and do safe investment? You better cut prices of dentists! 600 eur I paid for 1 tooth to repair. 30 min work, low quality. INBELIAVABLE!

By Mio | 12 February 2013 12:02 PM

Someone tell the sheriff this horse has already bolted, like four years ago. Not one normally to defend theives but in many cases banks were forced to accept money when they didn't need it. Otherwise the weak ones would be lit up like targets for the markets to devour. Very cloak & dagger.

By Dr Ponzi | 12 February 2013 12:14 PM

On the sidelines of the bankers' get-together in Davos, Jan. 25, Icelandic President Òlafur Ragnar Grimsson gave a feisty interview on his country's positive development after refusing to bail out the banking system in 2008. Contrary to the European Union and the United States, which are still throwing money at the banks, Iceland has experienced economic growth and a decrease in unemployment? But, they do have a small population with a big voice?


By Grumpy old man | 13 February 2013 9:23 AM

To those whining and threatening to leave the country if this is implemented: please leave NL as soon as possible, we do not need you here. Go to almost any another country, and see what you are worth there. I guarantee it is not as much as you think.

By B | 13 February 2013 9:28 AM

Dijsselbloem appears to be yet another incompetent put in office by this inept coalition government. How can you defend €550,000 pay deal for failed SNS chief executive van Olphen, saying, "it was necessary to get the best man" and not hold that measure for bank staff?

By Quince | 13 February 2013 10:37 AM

Newsletter| RSS| Advertising| Business services| Mobile| Friends| Privacy| Contact| About us| Tell a Friend
Apartments for rent Rondvaart - Amsterdam