EMCC European Monitoring Centre on Change

Vestia

Company/Organisation:
Vestia

Geographic Location

Country: Netherlands
Region: West-Nederland

Company

Sector: Public administration and defence
Public administration and defence; compulsory social security
84.12 - Regulation of the activities of providing health care, education, cultural services and other social services, excluding social security
Group: 1155

Employment Effects

Announcement Date: 06-09-2012
Planned Job Reductions min: 200
Planned Job Reductions max: 200
Type of Restructuring: Internal restructuring
Employment Effect Start: 15-09-2012
Foreseen End Date: 31-12-2014

Additional Information

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.