DNB imposes fine on ABN AMRO for violation of bonus prohibition
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The Dutch Central Bank (DNB) has imposed an administrative fine on ABN AMRO for violating the bonus prohibition over the period from 2016 to 2024. The bonus prohibition was instituted after the global financial crisis and stipulates that board members and management in the second echelon of banks receiving state support are not allowed to receive bonuses.
The bonus prohibition has been applicable to the Executive Board of ABN AMRO since 2012 and was expanded to the second echelon in 2015. These are managers directly below the Executive Board, in positions that can significantly influence a bank's risk profile. DNB has determined that ABN AMRO wrongly failed to apply the bonus prohibition to seven positions in the second echelon during the specified period.
Although ABN AMRO interpreted and applied this legislation in good faith, the bank acknowledges that its viewpoint was incorrect. ABN AMRO regrets this, is aware of the possible societal impact and accepts the fine of EUR 15 million imposed by DNB.