Banking bonus ban to cover government guarantees: minister

Finance minister Jan Kees de Jager is to extend the rules on bonuses for companies which have had state aid, he told RTL television news.

The ban on bonuses is to be expanded to cover companies which have received government guarantees as well as those who have been given actual cash.
This would cover car lease firm Leaseplan which has a banking licence and was given a €6.5bn government loan guarantee in 2008.
On Monday it emerged Leaseplan’s three strong board all received ‘considerable’ bonuses last year. MPs have called for the money to be repaid.
Voluntary move
De Jager said he could not act retroactively. ‘But I am not happy about this,’ De Jager said. ‘ING and Aegon voluntarily decided to hand back the bonuses and I welcome that.’
De Jager also said he partly agreed with comments made by Boele Staal, chairman of the Dutch banking association, who is worried about the way banks are discussed in public debate.
‘The tone of the debate should be professional,’ De Jager said, adding that banks should accept the criticism levelled at them.
On the other hand, MPs should realise that banks create a great number of jobs, the minister said.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation