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Minister defends €550,000 pay deal for new SNS chief

Thursday 07 February 2013

MPs from across the political spectrum have condemned the €550,000 pay deal for new SNS chief executive Gerard van Olphen, with Labour describing it as 'bizarre'.

Banking and insurance group SNS Reaal was nationalised last week, after running into serious financial trouble with its property investments.

In a parliamentary debate on Wednesday evening, finance minister Jeroen Dijsselbloem said the government had no option other than to intervene in order to stop the country's fourth biggest financial services group from collapsing.

The minister also defended Van Olphen's pay package, which he said was necessary to attract an expert to the job.


'I need someone who understands this profession, who has experience in the financial world and who is a banker through and through,' Dijsselbloem said.

Banks are not in the public sector and agreed limits to public sector pay (no more than 130% of a minister's salary) do not apply, he said.

Labour MP Henk Nijboer, who earlier described the salary package as 'bizarrely high', said he would accept the minister's explanation, leading to jeers from the opposition benches

'This is a dog barking for his audience and then refusing to bite when asked,' ChristenUnie MP Carola Schouten said.

Dijsselbloem also told MPs it would be difficult to try to claw back bonuses from former SNS executives who were responsible for the problems. 'I understand people are angry, but I do not want to give rise to false expectations,' Nos television quoted the minister as saying.

© DutchNews.nl


Readers' Comments

Of course there was another option, you know the one that can't be mentioned when it comes to banks. Anyway rinse, repeat, check for ink.

By Dr Ponzi | 7 February 2013 1:07 PM

"who is a banker through and through"...so someone greedy, fruadulent, immoral,etc

€550,000 qualifies this bankster.

By Al | 7 February 2013 1:31 PM

Incredible level of arrogance. These banks should go bankrupt in the first place and the "strong" staff should find new jobs. Let us see these Super Marios who are hard working for BONUSES, can fix a bike. Instead they have a new boss to distribute them the government money whether they finish the levels or not.

By Utku Tekinel | 7 February 2013 3:45 PM

I went to the ATM this morning and it said “insufficient funds”. I’m wondering is it them or me?

By Silas Marner | 7 February 2013 4:20 PM

Yes, there are many in this world that will laugh at the prospect of the Orwellian nightmare only to happily embrace it when it arrives in full color.

By Grumpy old man | 7 February 2013 4:26 PM

"Not in the public sector" the goverment bought them. It is the public that funds the goverment. how is it not in the piublic sector or have i missed some quirk where he can get one of is business friends a top secured job at our expense. they should have let it go bust.

By Nick | 8 February 2013 10:07 AM

The government's sentiments are with the private sector. It's very cheeky of Dijsselbloem to advise not to claw back the outlandish banker pay-packages especially considering that it's taxpayers money. This is a failed administration, let's call for early elections and vote these robber barons out of office.

By Quince | 9 February 2013 2:24 PM

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