Thursday 24 September 2020

Dutch banks and insurers fined €2.15bn since 2008 crisis

Large Dutch banks and insurance companies have been fined a combined €2.15bn since the global credit crisis broke out 10 years ago this summer, the Financieele Dagblad revealed on Tuesday.

But the lion’s share of the fines was awarded to foreign financial watchdogs, the FD said. Only about €100m found its way to Dutch authorities.

The credit crisis began when US banks began packaging low-grade mortgages and selling them as blue chip products. Huge fines were placed on offenders: US Authorities alone were awarded $150bn.

Dutch banks and insurers were involved in the malpractice as well, but of the fines levied on them, €1.9bn was awarded to American authorities and €141m to their British counterparts.

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