Vestia, formally Stichting Vestia is the largest

public housing Public housing, also known as social housing, refers to Subsidized housing, subsidized or affordable housing provided in buildings that are usually owned and managed by local government, central government, nonprofit organizations or a ...

corporation () in the

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

, which is headquartered in

Rotterdam Rotterdam ( , ; ; ) is the second-largest List of cities in the Netherlands by province, city in the Netherlands after the national capital of Amsterdam. It is in the Provinces of the Netherlands, province of South Holland, part of the North S ...

. The corporation owns (and rents out) about 78,000 houses and 8,000 other "rentable units" (shops, offices). Vestia got in serious trouble after it took increasing positions in derivatives during 2010 and 2011. However, it did not manage the risk of its positions, costing more than €2.7bn to get rid of the toxic financial products. The previous director Erik Staal who had been responsible for the huge losses the corporation suffered by these speculations in the financial market, resigned in January 2012. An official parlementary inquiry took place in 2013 and 2014 to find out what went wrong.

References

External links

*{{official, http://www.vestia.nl Companies based in Rotterdam Public housing