The director of Rotterdam housing corporation Vestia has resigned following media reports the organisation is on the brink of bankruptcy after losing money on the financial markets.

Erik Staal, reputed to have been earning three times the maximum for public sector executives, has stood down in the best interests of the company, Vestia said. In 2009, his salary was put at €463,000.
Meanwhile, the corporation’s immediate financial problems have been averted after five other housing groups agreed to guarantee Vestia’s bank loans.
Vestia is the biggest housing corporation in the Netherlands with 89,000 homes, mainly in Rotterdam and The Hague.
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