Dutch government tightens saving rules

16th November 2008, Comments 0 comments

The Dutch cabinet is to tighten the rules for local government saving.

16 November 2008

THE NETHERLANDS – Councils, provinces and water board districts may from now on only save in banks within the European union. 

The cabinet is also considering whether or not to insist that they save only with the Dutch Municipal Bank or with the Dutch state itself.

The move has been prompted by the recent problems for millions of euros invested abroad by councils and provinces, problems that came to light when three banks in Iceland collapsed.

[Radio Netherlands / Expatica]

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