Dutch MPs warn banks against business as usual

16th September 2010, Comments 0 comments


The Dutch parliament has warned the financial sector not to return to business as usual and go back to its old habits which led to the credit crisis. MPs believe the banks should expand its own bank code of agreements on risk management and bonus policies.

The warning follows Thursday's debate on the De Wit report which looked into the causes of the international credit crisis. MPs backed the report's findings and requested a new debate when the new cabinet is installed.

The Dutch parliament believes that the bank code should also apply to financial traders on the workfloor and not just management and the executive as is currently the case.

At the end of the year, a committee headed by former Unilever CEO Antony Burgmans will review whether the financial sector is adhering to the code, which came into force last January.

MPs have welcomed the report's findings, which include the recommendation that insurers, pension funds and investment companies set up their similar codes of practice.



© Radio Netherlands Worldwide

© Radio Netherlands Worldwide

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