The Dutch Central Bank (DNB) has imposed an administrative fine of €15m on ABN AMRO for non-compliance with statutory bonus restrictions. 

The bank was fined for violating regulations prohibiting the payment of bonuses to executive members and second-tier management in banks that received state aid. 

Following the global financial crisis, the Dutch legislation imposed a bonus prohibition on banks that were supported by state funds. 

Initially applied to the executive board of ABN AMRO in 2012, the restriction was extended to include the bank’s second-tier management in 2015.  

The second echelon consists of managers positioned directly below the executive board, whose roles can impact the bank’s risk profile. 

The DNB’s investigation identified that ABN AMRO improperly awarded bonuses to individuals occupying seven second-tier management roles between 2016 and 2024.  

The cumulative bonuses paid out during this period surpassed €1.5m, thereby breaching the established bonus ban. 

Additionally, the DNB found that ABN AMRO had granted an official two consecutive salary increases of 11.4% and 28.8%, which exceeded the collective wage increase limits of 1.5% and 2.5%, respectively. 

In a statement, the bank added: “Although ABN AMRO interpreted and applied this legislation in good faith, the bank acknowledges that its viewpoint was incorrect.”  

ABN AMRO, which was nationalised in 2008 due to financial instability, has a six-week timeframe from the date of receiving the fine notice to submit any formal objections to the penalty. 

Last month, Dutch State reduced its holdings in ABN AMRO to below one-third, in accordance with the divestment strategy disclosed in October 2024.