Four Dutch banks will fall under European banking supervision
Four big Dutch banks will fall under European central bank supervision in 2014 when new rules agreed by European finance ministers come into effect.
The European central bank is taking charge of banks with over €30bm on their balance sheets, which are regarded as too big to fail and are of crucial importance to the financial sector: ING, Rabobank, ABN Amro and SNS.
Wim Mijs, director of the Dutch banking association and chairman of the European banking federation EBF told Nos television the new layer of monitoring will have little effect on the Dutch banks.
The Dutch central bank will remain the primary supervisory authority and the central bank will only intervene when necessary, Mijs pointed out.
The €30bn limit means smaller Dutch banks such as Van Lanschot Bankiers and Triodos remain outside the European supervisory system.
In total, around 200 banks will fall under the European central bank. The move is regarded as a first step towards full European banking union.