Crisis committee critises Dutch Central Bank

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The parliamentary inquiry committee into the 2008 credit crisis has criticised the role of the Dutch Central Bank DNB – De Nederlandsche Bank.

During the hearing of Aerdt Houben of the DNB, committee chairperson Jan de Wit said that the committee was surprised that it took until the end of 2008 before the bank came to the conclusion that different measures were needed to tackle the crisis. He also questioned Mr Houben on whether the bank could have been quicker or more effective.

“Was the Dutch Central Bank’s sense of urgency sufficient, when the liquidity crisis developed?" Mr De Wit asked Mr Houben, who said it had been.

Mr De Wit referred to a report that the DNB started in April 2008, five months before the crisis, but was only concluded in December, three months after it broke out.

Mr Houben dismissed allegations of slowness and said legislation was a long process. He said intervention by the Dutch state into the banking system had to be investigated as it may have been against European Treaty for Human Rights.

© Radio Netherlands Worldwide

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