The Covid-19 crisis will result in the Dutch economy shrinking by 0.2 percent this year, according to economists from Rabobank. This is on the assumption that the crisis will be brought under control between April and July, and some economic recovery can occur in the second half of the year, they said in a report, NU.nl reports.
If the new coronavirus Covid-19 turns into a global pandemic, economists at Rabobank foresee an economic recession in large parts of the world, including the Netherlands, Germany, Japan, Italy, and the United States. "This economic crisis could become even worse if it turned into a financial crisis, for example when the number of bankruptcies increase sharply worldwide," the Rabobank economists said, the Telegraaf reports.
Over the past two years banks ABN Amro, ING, Rabobank, and the Volksbank received nearly 5 thousand reports of help desk fraud amounting in almost 5.3 million euros in damages, NU.nl reported based on figures received from the Public Prosecution Service (OM). The banks' reports seem to contradict previous statements from the OM that help desk fraud is decreasing, the newspaper wrote.
Rabobank customers with more than 1 million euros in their savings accounts will soon have to pay to keep their money in the bank. The bank is implementing a savings interest rate of -0.5 percent on savings accounts with more than a million euros as of July 1st or private customers, and as of May 1st for business customers, RTL Nieuws reports.
Dutch banking institution Rabobank said it has no plans to dismantle its cash machines on a wide-scale basis after robbers made two separate attempts to use explosives to break into the bank's ATMs early Monday morning. Just last week, police said that other banks' cash machines would be targeted more frequently after ABN Amro decided to remove 470 of its own ATMs across the country.
Four banks teamed up with the Dutch government and authorities to fight against financial service providers who launder money for criminals, Financieele Dagblad reported on Friday based on information from an anonymous source.
According to FD, ABN Amro, ING, Rabobank and Volksbank signed a covenant with the National Police, the FIOD, the Public Prosecution Service, and financial intelligence unit FIU. This "serious crime task force" will focus on upper world lackeys who facilitate undermining crime.
Energy company Eneco will be sold to a Japanese consortium of Mitsubishi and Chubu for 4.1 billion euros. That is significantly higher than the expected 3 billion to 4 billion euros, which is good news for the 44 municipalities who owned Eneco shares, De Telegraaf reports.
The majority of former Eneco owners are in Zuid-Holland and Friesland, though there were also a few municipalities from other provinces among them. Rotterdam is the big winner, getting 1.3 billion euros from the sale. Den Haag wins 678 million euros.
Dutch central bank DNB penalized Rabobank last year due to money laundering risk. The bank has not yet sufficiently screened 40 thousand of its customers. The bank confirmed this penalty payment, saying that it mentioned it in reports, NOS reports.
Banks in the Netherlands have joined the fight against problematic debts. From now on banks will refer customers who are regularly in the red to website Geldfit, where they can get help with managing their money problems. The same applies to customers who use up their savings quickly or miss payments on a bank loan, NOS reports.
ABN Amro is lowering the interest on its freely withdrawable savings accounts from 0.02 percent to 0.01 percent as of November 1st, the bank said on its website on Friday. Savings interest at ING is still 0.02 percent and at Rabobank 0.03 percent, NU.nl reports
Dutch between the ages of 20 and 45 who rent a home in the free sector, pay so much on housing costs that they can't afford to build up savings, Rabobank researchers Nic Vrieselaar and Carlijn Prins concluded after surveying over 10 thousand customers that fall in this group, AD reports.
Five Dutch banks want to team up and establish an organization to tackle money laundering together. The idea is that by viewing the banks' total 10 billion transactions per year together, it will be easier for the organization - which they plan to call Transactie Monitoring Nederland (TMNL) - to identify suspicious activities, the Dutch association of banks NVB said to RTL Nieuws.
Instant bank transfers is now available to customers of seven Dutch banks. With the introduction of Instant Payments, customers can transfer money at night, over the weekend and on public holidays and it will immediately show in the recipient's account, instead of the recipient having to wait for the next business day, the Dutch Payments Association said to AD.
Dutch consumers will start paying interest on their savings accounts in the near future, various analysts told Financieele Dagblad. They describe negative interest rates on savings as an unavoidable future.
The cash that Dutch banks keep and are required to deposit at the European Central Bank currently costs them more than half a billion euros per year, due to the negative deposit interest rate. "Dutch banks together have 138 billion euros in surplus liquidity, and they pay 0.4 percent on that", Elwin de Groot of Rabobank said to FD.
ABN Amro and Rabobank clients will soon be able to use Apple Pay. Bunq also announced support for the payment function, effective immediately.
Rabobank put a page online saying that the Apple Pay function will "soon" be available. "We are now working hard to make it available to our customers", the bank said. "As soon as Apple Pay is available, we will tell you on our website and in Rabo Online Banking how to install and use Apple Pay.
Rabobank is no longer taking professional football clubs as clients due to "raised to unacceptable risks of money laundering, corruption, fraud and other abuses", NRC reports based on an internal message the bank circulated this summer. Rabobank employees are also no longer allowed "to take on new managerial or supervisory positions" at professional football organizations due to a "potential conflict of interest", the message said.
The price difference in buying a home in the Netherlands' cheapest and most expensive provinces is now 175 thousand euros, according to economists at Rabobank. The average price of a home in Noord-Holland is 388 thousand euros, while the average price in Groningen is 213 thousand euros, NU.nl reports.
Since 2010 Dutch banks and insurers provided around 7.9 billion euros in financing to large shale gas and plastic companies, according to research by the Fair Banking and Insurance Guide. ING was the largest Dutch financier for these companies, investing 3.5 billion euros into them, NU.nl reports.
The average free sector rent paid by tenants in the Netherlands now stands at 1 thousand euros per month. This is even higher in the four large Dutch cities, where tenants pay an average rent of 1,154 euros per month, Rabobank economists said in a report published on Wednesday, NU.nl reports.
This means that the national average rent is currently at the upper limit of 1 thousand euros for the middle segment. The middle segment is defined by homes with rents between 720 euros and 1 thousand euros per month.
Industrial companies with a higher quality of management perform better - they have higher productivity and more international activities than companies with lower quality management, according to a study done by the University of Groningen and Statistics Netherlands at the request of the Ministry of Economic Affairs and Climate.
Last week, U.S. Ambassador to the Netherlands, Pete Hoekstra, was named an honorary cheese Weighmaster by Gouda Mayor Mirjam Salet at the annual opening of the city's historic cheese market. "I’ll continue to promote the cheese to our American friends," he reportedly said.
Dutch central bank DNB fined Rabobank over 1 million euros for not having its customer files in order, and therefore doing inadequate checks on criminal money flows, Rabobank confirmed to the Volkskrant.
So far Rabobank paid out 7 million euros to victims of a safety deposit box robbery in Oudenbosch in March. That means that around 60 percent of the victims have been compensated. The bank expects to reach 90 percent in March, Omroep Brabant reports.
Business man Bill Browder pressed money laundering charges against a number of banks and businesses in the Netherlands. The Pubic Prosecutor is currently investigating the charges to see if criminal prosecution is justified, RTL Nieuws reports.