Car lease firm pays bonuses despite government bank guarantee

A car lease company with a banking licence that has a €5bn loan guarantee from the government has paid its three member executive board ‘hefty bonuses’, the Volkskrant reports on Tuesday.

Leaseplan has not published a breakdown of the bonuses but says the board has shared €2.9m in salary and annual bonus and each director has been given a €300,000 long-term bonus and the same amount towards his pension.
The car firm says the bonuses are in line with the voluntary banking code of conduct.
Parliament angry
MPs have reacted angrily to the news, with CDA and Labour members urging the board to hand back the extra cash.
‘This shows self-regulation does not work,’ said Labour’s financial spokesman Ronald Plasterk. ‘It is clear we need to discuss options again in parliament and how we are going to tackle them.’
Last month, the three-strong ING board agreed to give back their bonuses following political and customer protests.
Leaseplan is owned by Volkswagen and a German investor who bought out an Abu Dhabi state fund last year.
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