Sunday 04 December 2022

Calling for a run on a bank to be made illegal, say ministers

The government is to make it a criminal offence to call for a run on a bank and is preparing draft legislation to put out to consultation in January.

Justice minister Ivo Opstelten and finance minister Jan Kees de Jager want to stop people making public statements calling for bank clients to pull out their cash, they said in a memo to parliament.
A run on privately-owned DSB bank in 2009 helped push the bank into bankruptcy. Activist Pieter Lakeman called on customers to take their money out of the bank on a tv programme.
Within 11 days, customers had withdrawn €600m.
The ministers say the maximum fine for calling for a run on a bank should be four years in jail or a fine of €19,000. Calling for a run can lead to an unmanageable situation, the ministers said.

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