Banks which participate in the government’s €200bn loan credit scheme will have to agree to abide by good governance guidelines, and limit severance and bonus systems to staff, finance minister Wouter Bos said on Tuesday.

Bos announced the guarantee scheme, which is designed to breath new life into the money markets by encouraging loans between banks, last week. The government agreed to give guarantees for unsecured loans from three months to a maximum of three years.
Executive staff at banks taking part in the credit scheme will only get a maximum of one year’s salary if they leave. Bonuses will also be limited. ING executives will not get a bonus at all this year under the terms of the €10bn capital injection announced on Monday.