Finance minister asks nationalised bank chiefs to act on staff pay

Finance minister Jeroen Dijsselbloem has written to the heads of nationalised banks SNS Reaal and ABN Amro urging them to moderate wage demands.

Dijsselbloem said in written answers to MPs’ questions that he wants the banks to start talks with unions on introducing more sober pay scales, arguing that state support has enabled jobs to be maintained.

In addition, banking staff benefit from low interest rates on their mortgages, Dijsselbloem said.


Unions have said they will not cooperate because the pressure of work has increased sharply over the past few years. In addition, they say the minister should not interfere in wage discussions, which are a matter for employers and unions.

Dijsselbloem told parliament two of the four SNS executive board members have voluntarily reduced their salaries by 5%. This takes their annual salary to €440,000, some 80% of the salary paid to chief executive Gerhard Van Olphen, he said.

Dijsselbloem also confirmed that Morgan Stanley’s bill for advising him on the nationalisation of SNS Reaal last month totalled €2.5m.