Vestia

Type
Internal restructuring
Country
Netherlands
Region
West-Nederland;
Location of affected unit(s)
Sector
Public Administration / Defence
84 - Public administration and defence; compulsory social security
84.1 - Administration of the State and the economic, social and environmental policies of the community
84.12 - Regulation of health care, education, cultural services and other social services
200 jobs
Number of planned job losses
Job loss
Announcement Date
6 September 2012
Employment effect (start)
15 September 2012
Foreseen end date
31 December 2014

Description

Public housing corporation Vestia announced that it will cut 200 jobs in the next two years. Background for the job cuts is the negative financial situation of Vestia.

It is reported that Vestia’s unpleasant financial situation is due to the speculation with financial derivates. The case attracted much media interest as housing corporations such as Vestia are in part public organisations, but increasingly venture out to operate in the private sector.

Sources

  • 6 September 2012: The Twentsche Courant

Citation

Eurofound (2012), Vestia, Internal restructuring in Netherlands, factsheet number 74120, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74120.