No bonus cap for banks moving from London to Amsterdam: Finance Min.
Financial institutions who want to move their headquarters from London to Amsterdam due to the Brexit, do not have to worry about the strict Dutch bonus legislation, Minister Jeroen Dijsselbloem of Finance said to RTL Z on Wednesday.
Amsterdam alderman of Economic Affairs Kasja Ollongren recently said that many institutions are interested in Amsterdam for their headquarters, but that the bonus cap in the Netherlands is making negotiations somewhat difficult. European law caps bankers' bonuses at 100 percent of their annual income. The Netherlands caps bankers bonuses at a much lower 20 percent of their annual income.
"Dutch banks fall under the strict Dutch bonus regime. But the law states that this stringent requirement does not apply to international companies", Dijsselbloem said to the broadcaster. "Banks who only want their headquarters here, fall under European legislation."