Monday, June 23, 2003

Supervisor fines retail store for attracting deposits

Het Financieele Dagblad reports that De Nederlandsche Bank (the central bank), in its role as a supervisor, has fined the company Euro Investment Services (EIS) for € 87.125 as it broke a rule in the supervision law that forbids attracting deposits. If it does not refund the money to consumers, another fine of € 900.000 applies.

The deal is that a computer appliance store, Mercurius, is unable to get funds from banks and uses EIS to attract working capital from the public. The public receive a monthly interest of 5 %.

See also the statement at the DNB-website.