Banking group ING has been warned by three successive finance ministers about planning massive pay hikes for senior executives, the Telegraaf said on Monday.

Jan Kees de Jager, Jeroen Dijsselbloem and Wopke Hoekstra had all told the bank in the past that excessive pay rises could lead to social unrest, the paper says. It bases its claim on confidential finance ministry documents obtained using freedom of information legislation.

This March, the bank announced a 50% salary hike for chief executive Ralph Hamers, but this was later toned down after protests from both politicians and the public.

A previous pay rise for Hamers also came under ministerial fire, the paper said.

Rules

Hoekstra said in April he is planning to tighten the rules on bankers’ pay in the wake of the row that blew up over ING’s proposal to raise Hamer’s salary.

One idea is for bank executives to have to repay part of their salary if the bank is bailed out by the state, so that they take a share of the responsibility. The cabinet is also considering a rule that would force bankers to hold on to any shares they receive for a number of years, to encourage long-term thinking.

ING was given a €10bn bailout by the treasury after it ran into trouble during the financial crisis. The loan has since been repaid.