MPs pleased ABN Amro drops pay hike scheme

The parliamentarians in The Hague are pleased with the decision made by the ABN Amro executives to reverse the proposed salary increase of 100 thousand euros. The six members of the bank's Supervisory Board announced their decision in a statement yesterday. The proposed salary increase caused great public outcry last week, even leading to the bank's planned IPO being postponed. "We understand and regret the unrest that has arisen. The unrest is not good for our customers, our employees and the general confidence in ABN Amro." the executives stated. They hope that now that they have distanced themselves from the pay increase, peace will return. The executives still insist that they are entitled to the salary increase. "The allowance is based on democratically established legislation, meets the letter and spirit of the law, is laid down in a resolution of shareholders, is in line with the Minister of Finance and has been reported to the Tweede Kamer." Minister Jeroen Dijsselbloem welcomed this decision to reverse the proposed salary increase. "They thus make an important contribution to the restoration of peace and confidence around the bank. The good results of ABN Amro that have been achieved thanks to the efforts of the employees and executives of the bank, can now receive the attention and appreciation they deserve." He also stated that the government will reconsider starting the planned IPO after the consultation with the Tweede Kamer (lower house of parliament). PvdA parliamentarian Henk Nijboer called the abandonment of the salary increase a "wise and necessary decision", AD reports. According to him, the executives must continue to work on the restoration employees' and society's trust. According to VVD parliamentarian Aukje de Vries, the decision to forgo the salary increase shows that "the Board has listened to the signals from society and to employees of the bank". De Vries said that the VVD is for a fast IPO and would like to know what timetable Minister Dijsselbloem has in mind.