US EditionABN Amro Fined €15 Million for Paying Bonuses While Receiving State Aid
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6 Articles
ABN Amro has been fined for giving employees bonuses. This was not allowed, because the bank receives government support. De Nederlandsche Bank (DNB) is issuing a fine of 15 million euros as a supervisor. This concerns bonuses that ABN Amro gave to employees just below the board of directors. A bonus ban for the board of directors has been in effect since 2012. The ban was extended to positions in the layer below since 2015. ABN Amro says it ack…
De Nederlandsche Bank (DNB) has imposed a fine of €15 million on ABN Amro for violating the bonus ban.
Earlier this month, De Nederlandsche Bank (DNB) imposed a fine of 15 million euros on ABN Amro for violating the bonus ban. The…
ABN Amro Fined Heavily Over Bonus Payments
The Dutch central bank has imposed a €15 million fine on ABN Amro for paying bonuses to senior executives in recent years. However, banks under state ownership have been prohibited from awarding such bonuses since 2012. Regulators were particularly displeased that the bank resumed the practice despite previous warnings.
The fine that DNB has imposed on ABN AMRO for violating the bonus rules is "a matter between the bank and the supervisor." This was stated by a spokesperson for caretaker minister Eelco Heinen (Finance, VVD) when asked. The Dutch state is still co-owner of ABN AMRO, which was forced to be nationalized during the financial crisis of 2008.
ABN Amro fined €15 million for paying bonuses while receiving State Aid
De Nederlandsche Bank (DNB) has fined ABN Amro 15 million euros for violating the ban on bonuses imposed on the bank when it received state aid to survive the credit crisis. According to the regulator, the bank awarded bonuses to seven employees who should not have received them between 2016 and 2024.
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