Despite tough new rules, there will still be room to pay people bonuses, ING Investment Management director Hans Stoter told the Financial Times on Tuesday.

Stoter was reacting to the new rules being brought in by the Dutch government on January 1 which will limit Dutch banks and insurance companies to paying a maximum of 20% of annual salary as a bonus.

The move makes the Dutch rules on bonuses the toughest in Europe.

‘The Dutch government is making it a lot more difficult for large financial institutions,’ Stoter told the British paper.

However, he has no doubt that ING will still be able to pay people the bonuses ‘they are used to’ within the Dutch rules.

ING Investment Management in London manages €177bn in assets and has a workforce of 1,100.