NETHERLANDS - The executive director of De Nederlandsche Bank NV Henk Brouwer has called for financial integration and stability in Europe.
The DNB, which formally completed its merger with the Pension and Insurance Supervisor of the Netherlands (PVK) recently, is now prudential supervisor for Dutch insurance companies, pension funds and banks.
Speaking at the Board meeting of the European Banking Federation in Amsterdam, Brouwer said DNB was actively involved in policy discussions on financial integration in the EU.
“Financial integration should facilitate the provision and purchase of financial services across national borders in the EU,” he said.
“It would increase competition and bring numerous benefits, such as greater liquidity and depth of capital markets, lower borrowing costs and more opportunities for risk-sharing.
“This in turn, would lead to improved availability of capital, more investments and higher productivity. In short, financial integration, via greater efficiency, would lead to a higher rate of economic growth.”
Brouwer said safeguarding financial stability was a core function of central banks but the responsibility should be shared with other authorities.
“Central banks and supervisory authorities, therefore, need to co-operate closely,” he said.
“This is precisely the rationale for the combination of prudential supervision and systemic supervision within DNB.”
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The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.