Bos considers appointing "supervisor"

11th May 2007, Comments 0 comments

11 May 2007, THE HAGUE – Finance Minister Wouter Bos said today after the cabinet meeting that he is considering appointing a "market supervisor" after the takeover battle surrounding ABN Amro has been concluded. He said he now "tends to think there may be lacunae" in the ground rules regarding the takeover of such a large financial services provider.

11 May 2007

THE HAGUE – Finance Minister Wouter Bos said today after the cabinet meeting that he is considering appointing a "market supervisor" after the takeover battle surrounding ABN Amro has been concluded. He said he now "tends to think there may be lacunae" in the ground rules regarding the takeover of such a large financial services provider.

"But you cannot change the rules while the game is being played," the minister added. He also said he was "fully confident" that the uncertainty surrounding ABN Amro would be resolved in a proper fashion.

It is Bos's duty as finance minister to issue a certificate of no objection for a bank to be bought over. But an application for such a certificate must first be filed with the Nederlandsche Bank, and that has not yet happened in the case of ABN Amro.

As regulator for the banking market the Nederlandsche Bank mainly looks at whether the banks have adequate financial backing to satisfy their obligations to their customers.

Consequences for employment are not a consideration in issuing such a certificate, but Bos has brought this up for discussion in the talks he has held with the relevant parties.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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