DSB to pay up to €1.5m compensation

Privately-held bank DSB expects to have to pay between €1m and €1.5m in compensation to clients who have got into financial difficulty because of bank products.

‘So far we have paid €300,000 to some 40 clients with complaints,’ spokesman Hans de Goor said at the presentation of the bank’s annual report on Thursday afternoon.
Some 320 clients have made complaints but they had little in common, De Goor said. The bank is refusing to deal with a collective claim being prepared against it because of the diversity, he said.
One group representing 700 DSB mortgage holders claims the bank knowingly sold clients mortgages which were beyond their financial means. The bank has been fined by the financial services watchdog AFM for sloppy procedures.

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