CEO to get bonus if ABN Amro sold at loss

Former finance minister Gerrit Zalm, who is now CEO at nationalised bank ABN Amro, will still get a bonus even if the bank is sold back to the private sector at a loss, the Volkskrant reports on Friday.

Officially the government bought ABN Amro and Fortis for €16.8bn last year. But the paper reported earlier this week the state has since put in a further €6.8bn. And the government’s audit office says buying the bank has cost taxpayers €23.3bn, the paper says.
However, Zalm’s contract says he will get a bonus if the bank is sold for €16.8m.
MPs have asked finance minister Wouter Bos for an explanation.
Bos claims the state put in the additional money to guarantee control of the bank, the paper says. However, European commissioner Neelie Kroes is investigating the transaction because it could be deemed illegal state support for industry.

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