On 8 August 1941, the Liro bank opened at Sarphatistraat in Amsterdam. It appeared to be another branch of the Jewish Lippmann Rosenthal & Co. bank, but it was not. The bank was a looting bank, set up by the Nazis to steal money and valuables from Jews.
The Nazis took many measures to rob Jews in the Netherlands of their possessions. From 8 August 1941 onwards, Jews had to hand over all cash and assets over 1,000 guilders to the Liro bank. They were no longer allowed to have accounts with other banks. In September, Jews had to report any land they owned. In May 1942, they had to hand in other valuables, such as jewellery, gold, art, and antiques.
From January 1942, shares owned by Jews were sold on the stock exchange. Their art works were sold as well or ended up in German museums. The proceeds did not go to the original owners, but to the Liro bank. In June 1942, Jews personally, or in their entire household, were not allowed to be paid more than 250 guilders in wages. Whatever more they earned had to be deposited in their account at the Liro bank. In 1943, the Liro bank terminated the life insurance policies of Jews and retained the sums that were paid out.
The money was used to pay for the deportation of Jews by trams and trains. It also paid for the expansion of the Westerbork transit camp and the construction of the Vught concentration camp.
In total, the Liro bank robbed the Dutch Jews of an incredible amount of money; estimates range from 325 to 455 million guilders.