More Bank Failures

A major technical failure affected several Dutch banks on Friday. Last Wednesday ING Bank customers also had to deal with an interruption of services when their bank accounts showed incorrect balances. According to Nu.nl, Premier Mark Rutte called the recent failures a 'worrying development'. The Dutch Consumers union has asked the Minister of Finance and the House to develop a compensation scheme for affected customers comparable to the one used in the energy market. This should not only assure clients but also encourage banks to prevent failures. Friday’s interruption of the Dutch e-commerce payment system Ideal was resolved at 3:00 pm, and the ING bank fixed their log-in problems at 3:30 pm. The Rabobank also had to deal with an interruption in Internet banking for business that day. Whether the failures are related remains unknown.