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SNS Nationalized

undertheradar's picture





 

Some of you have probably heard that the Dutch Govt took over the 4th largest bank, SNS, for euro 3.7 billion this week.

Nu.nl reports that DNB has what amounts to a cap gun at its disposal to intervene in certain situations. Lex Hoogduin asks if DNB reported this to Min Fin to ask for further powers. Then they could have intervened last summer when they first found out about the troubles.

The question was if the MinFin was informed and what did he do. Maybe he was away at a meeting and missed the message, noone seems to know. Since the bank was brought under in a holding company, DNB was powerless. The cap gun was issued after the events of 2008. Or something like that.

http://www.nu.nl/economie/3081259/interventiewet-slechts-klappertjespist...

http://www.bloomberg.com/news/2013-02-02/sns-nationalized-in-netherlands...

http://www.bloomberg.com/news/2013-02-01/dutch-deficit-to-widen-0-6-poin...

 

De Algemen Rekenkamer asked for permission in 2011 to see if DNB was doing it's supervisory duties properly but was denied this by Min Fin JK De Jager who supported DNB's claim it had a right to secrecy:

 http://www.nu.nl/economie/3079087/geen-inzage-rekenkamer-in-toezicht-dnb... 

DNB appealed to European wide rules which weren't really applicable or appropriate according to de Algemene Rekenkamer. Lex Hoogduin does not agree that De Algemene Rekenkamer should be involved in supervision.

As you can see I'm a bit rusty.

 


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