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DSB made bankrupt

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DSB made bankrupt

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A Dutch court has declared the troubled lender DSB bankrupt after attempts over the weekend to sell or rescue it failed.

Other Dutch banks are now liable for more than three billion euros in deposit guarantees. DSB’s founder and owner Dirk Scheringa blamed the Dutch central bank and the finance ministry for leaks that it was in trouble which led customers to withdraw their money. He praised the court for trying to save the bank, using a football analogy: “We were out of options. We went into injury time four times. Normally a game lasts 90 minutes. I think you could say we played about three of four games. I want to express my gratitude to the judge who gave us so many opportunities, which we seized with both hands, but unfortunately we didn’t make it.” The bank’s troubles started in the summer when it was fined by regulators for lending people more than they could afford to borrow. As many as 400,000 DSB customers will now have to wait up to three months to get their money back from the state’s deposit guarantee scheme.