Wellink Calls Bonuses at Aided Banks ‘Premature,’ Telegraaf Says

Dutch Central Bank President Nout Wellink says awarding bonuses to executives at banks that received state aid is “premature,” De Telegraaf reported.

Wellink told the Dutch newspaper in an interview that he is “glad” ING Groep NV (INGA) executives decided to waive their variable remuneration after the pay policy of the lender that got state aid during the financial crisis sparked criticism. ING Chief Executive Officer Jan Hommen on March 22 said the bank’s management board would give up proposed 2010 bonuses.

ING’s recovery to profit is more important than the talk about variable remunerations, Wellink said, according to De Telegraaf. “Hommen’s achievements were snowed under by all commotion surrounding the discussion on bonuses,” he is cited as saying.

Herman Lutke Schipholt, Wellink’s spokesman, confirmed the comments.

To contact the reporter on this story: Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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