NETHERLANDS - Nederlandsche Bank (DNB) and Pensioen- en Verzekeringskamer (PVK) - the Pensions and Insurance Supervisory Authority of the Netherlands - have announced the official completion of their merger.
The two supervisors of the financial sector have been operating as an integrated body under the name of the Nederlandsche Bank (DNB) since May 3 but the merger was legally finalised on October 30.
“The financial sector in the Netherlands is important and is one of the main pillars of the economy,” said Nederlandsche Bank president Nout Wellink.
“We have large, strong financial institutions so we need a robust supervisor. The latest joining of forces enables us to form the strongest supervisor possible.”
The merger marks the second of three steps in an extensive restructuring of financial supervision in the Netherlands, the new organisation said in a statement.
“The first step was the shift in supervision seen in early 2002 – the key distinction is no longer between the kinds of institutions under supervision, such as banks or insurers, but rather between types of supervision,” DNB said.
“The second step is the now completed merger of the two prudential supervisors, DNB and PVK.
“The third step in the restructuring of supervision will be the completion of the new umbrella Financial Supervision Act in the course of 2005.”
The Act will replace the numerous existing Acts and regulations regarding supervision and will also represent a significant adjustment in the legislation to reflect market conditions, DNB said.
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