Dutch financial sector regulator spent EUR 1m on staff mortgage ‘compensation’

6th January 2015, Comments 0 comments

The Dutch financial markets regulator AFM spent nearly €1m in 2013 subidising staff for the cost of their mortgages, the Volkskrant reports on Tuesday.

Two-thirds of the AFM’s workforce of 586 made use of the discount, which was officially described as ‘interest rate compensation’, the paper says.

Workers were able to claim up to EUR 2,518 if their mortgage was above EUR 83,000.

The paper bases its claims on AFM documents obtained by financial advisor Dennis Jellema using freedom of information legislation.

According to news agency ANP, the AFM says the measure is in line with secondary benefits for the sector.

Banks and insurance companies often give staff lower mortgage rates, although this is being phased out.

However, as a regulator, the AFM is funded by the taxpayer and has no capital of its own, Jellema points out. The AFM told the Volkskrant the matter will soon be up for discussion.

 

© Dutch News

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