The average Dutch household now spends a larger share of their income on basic needs like housing, healthcare and energy than in 2008. They therefore have less money left over for services and items. As a result, households now consume less than before the crisis, while at the same time spending more money, ING's economic office said on Thursday, NU.nl reports.
Expats and foreign students are a big driving force behind the spike in Amsterdam housing prices, ING's economic office said in a report. Housing prices in Amsterdam increased by an average of 70 percent since the low point on the housing market in 2013, compared to the national average of 30 percent.
The Netherlands could have attracted many more jobs from financial businesses fleeing the Brexit if it wasn't for the country's strict rules on bonuses, according to CEO Ralph Hamers of ING. Dutch law "has a lot of limits", Hamers said, NU.nl reports.
Under Dutch law, bonuses in the financial sector may not exceed 20 percent of the annual salary. This is a lot lower than the 100 percent limit in the European Union. "If you believe that people in the financial sector are stimulated by variable pay, then Amsterdam is not the obvious place to expand to", Hamers said.
Banks are increasingly removing their ATMs from Dutch streets due to ATM bombings. People living around ATMs fear for their safety. ING bank alone closed 170 out of its total 508 ATMs in the last two years, the Telegraaf reports.
By 2025 the Dutch market for the online sale of non-food items will be dominated by one or two platforms, like Amazon, Alibaba or bol.com, ING's economic office said on Wednesday. By that year 35 to 40 percent of all online sales will go through these platforms, the bank expects, NU.nl reports.
While online sales in the Netherlands are still fragmented, this will change in the near future. "The Netherlands is on the verge of a new battle in online retail, now that international platforms are approaching our country", said Dirk Mulder, sector banker for ING Trade & Retail.
ING employees can look forward to "significantly" lower bonuses this year, even though the bank is doing well with more clients and turnover. The bonuses will be lower due to a settlement of 775 million euros the bank had to pay last year for failing to monitor money laundering, NOS reports.
Amsterdam's stock exchange AEX closed on Monday at its lowest point since February 2017. The AEX index closed 1.7 percent lower at 495.31, the Telegraaf 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.
The three major Dutch banks - ING, Rabobank and ABN Amro - have decided they do not each need their own ATMs and will therefore jointly launch a new uniform, bank-independent ATM brand. The new, yellow cash dispensers will be called 'Geldmaat' and will start appearing next year, NOS reports.
The three large Dutch banks - ING, ABN Amro and Rabobank - are largely dependent on only one company for cyber security against DDoS attacks. The cyber security firm in question is the American company Akamai, which counts 18 of the world's 30 largest banks as its customers, Financieele Dagblad reports.
Multiple banks under the supervision of Dutch central bank DNB are too lax when it comes to countering money laundering, according to the regulator. Minister Wopke Hoekstra of Finance asked the DNB to look into this after ING was slapped with a massive settlement for this same reason. He informed parliament about the results of the DNB investigation on Tuesday, ANP reports.
The European Central Bank is concerned about Dutch bank ING's ability to handle a hard Brexit, according to a report in FD. Sources told the financial newspaper that ING is being pressured to at least partially roll-back a 2016 decision to move dozens of trading desk staffers to their large office in London.
The new concern is that ING will lose access to some financial markets if Brexit continues to progress.
The Public Prosecutor reached a settlement of 775 million euros with ING. The bank allowed customers to abuse their accounts for the laundering of hundreds of millions of euros between 2010 and 2016, NOS reports.
The amount of the settlement consists of a 675 million euros fine and a reimbursement of 100 million euros. According to the Public Prosecutor, ING did not properly fulfill its role as gatekeeper of the financial system and was negligent in preventing money laundering.
The VAT increase next year will increase costs for Dutch households by an average of around 300 euros per year, according to ING economists. The low VAT rate will increase from 6 to 9 percent on January 1st, which is expected to increase inflation by 0.6 percent extra, ANP reports.
The three large Dutch banks - ABN Amro, ING and Rabobank - are structurally involved in abuses in the palm oil sector. These abuses include land grabbing, human rights violations and cutting down rainforests, according to two reports environmental organization Milieudefensie published on Monday, ANP reports.
According to Milieudefensie, between 2010 and 2018 the three banks invested at least 4.9 billion euros into 14 palm oil companies guilty of 118 abuses in nine countries.
Around 30 thousand ING and Volksbank clients are getting money back from their bank. These involve homeowners who paid too much on their mortgage between 2011 and 2016 or who had their interest adjusted, and therefore had to pay a too high penalty interest, RTL Nieuws reports.
The banks calculated a penalty interest on the adjustment due to lost interest income. But complaints revealed that the calculation of the penalty interest was always in the favor of the bank. Banks are allowed to impose a penalty interest, but it may not exceed the actual damage that they suffer.
Jeroen van der Veer, president of ING's board of commissioners, again defended the bank's now scrapped plan to increase the salary of CEO Ralph Hamers from 2 million to 3 million euros per year. The bank has to increase the executives' salaries if it wants to remain an international player, Van der Veer said in the Tweede Kamer on Wednesday, AD reports.
Only 15 percent of renters in the Netherlands are satisfied with the home they live in, according to a housing index report by ING. Most common complaints involve that their rental home is too small or too expensive, RTL Nieuws reports.
Renters in the Netherlands feel that they pay too much for what they get. Many wish they had a garden or that their home was larger.
Dutch bank ING managed to track down the fault that resulted in 3 million transactions being processed twice. The bank reversed the double payments and by now all customers should have their money back, RTL Nieuws reports.
The problem was caused by a mistake made during system maintenance. The error was in the adjustment of the payment system, a spokesperson said to the broadcaster. The transactions involved were mainly debit card payments made on Monday.
A technical failure at ING resulted in 3 million transactions being debited twice, a spokesperson for the bank confirmed to NU.nl after countless customer complaints on social media.
The double transactions mainly concern debit card payments that were processed on March 19th. According to the spokesperson, due to the fault a specific 'batch' of payment data was processed twice. It is possible that some customers had multiple transactions debited twice.
ING decided to withdraw a proposed salary increase for CEO Ralph Hamers due to mass criticism from society and politicians. "We realize that we underestimated the public response in the Netherlands to this clearly sensitive issue", chairman of the supervisory board Jeroen van der Veer said in a statement on Tuesday, ANP reports.
Many ING customers are furious about CEO Ralph Hamers' salary increase from 2 million to 3 million euros per year and are switching to sustainable banks like Triodos and ASN, the Parool reports.
An ASN spokesperson told the newspaper that the bank saw five times more new customers between Thursday and this weekend than usual, as well as a tenfold increase in the number of applications for accounts. "If people indicated online why they're switching, it usually involved the hassle at ING."
GroenLinks wants to block a massive salary increase for ING CEO Mark Hamers with a legislative amendment. Party leader Jesse Klaver hopes to pass this law through parliament and the Senate as quickly as possible, so that it can be submitted to the Council of State for urgent advice this week. ING shareholders will discuss the proposed increase on April 23rd, ANP reports.