Friesland Bank has lost millions of euros in savings because councils and schools are moving their money to the local authorities’ bank BNG, the Financieele Dagblad reports on Friday.

‘Local authorities are being encouraged by central government to put their money in the BNG or water board bank,’ new CEO Robbert Klaasman is reported as saying in the Financieele Dagblad. ‘The collapse of [internet bank] Icesave last year has made everyone nervous.’
Local councils and provinces lost over €200m when the Icelandic bank failed.