ING executive pay could be reduced, says finance minister

Executive pay levels at banking group ING could be cut ‘given the challenges in the financial sector’, finance minister Jeroen Dijsselbloem said in answer to MPs’ questions.

Although executive salaries at ING are lower than in similar European banks, this does not mean they should be raised, Dijsselbloem said.

‘Given the challenges facing the sector it is no more than logical that both the board and the rest of the workforce have more sober pay deals,’ he said. ‘This is only reasonable considering the large amount of support the Dutch state has extended to the financial sector.’

ING’s chief executive Jan Hommen received a salary of €1.4m in 2012 while CFO Patrick Flynn was paid €750,000. Neither man was given a bonus. Bonuses have been ruled out until the bank has completely repaid the state.

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