And The Biggest Bank-Bashing Country Is Officially Now....

No, not the UK or the United States, but Holland.

The Observer reports that Dutch bank ING was involved in a major climbdown last week, when it was forced to axe 2010 executive bonuses, after thousands of the bank's customers took part in an online campaign and threatened to withdraw deposits from the taxpayer bailed-out institution unless it did so.

The bonuses themselves were fairly modest - CEO Jan Hommen was originally awarded $1.6m - but outrage ensued.

Fred Polhout, a union organiser at the bank, said: 'People were outraged. We heard about the bloated sums being paid again in the City (London) and in New York, but suddenly the issue exploded on our own front door'.

Hammen said in a statement: 'I am very sorry to note that the performance-related bonuses for the board over 2010 threaten to damage the recovering confidence from customers and the general public'. He  said that he and the ING board of directors 'had underestimated the signal' that these bonuses would give society at large.

Finally, The Telegraph reports that, according to an analysis by the UK Office for Budget Responsibility, the UK Treasury will lose up to $8bn in tax revenues in the next 5 years because of a likely reduction in banker bonus payouts.

Image: © Chris Gladis

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