De Wit commission report into financial crisis published today
Monday 10 May 2010
The parliamentary commission set up to examine the cause and effect of the financial crisis in the Netherlands will publish its findings today.
The commission, chaired by Socialist Party MP Jan de Wit and made up of seven other MPs, was set up in 2009 against a background of political frustration about the crisis, which began in 2007.
The crisis led to the state being forced to nationalise ABN Amro and Fortis banks and make loans of almost €14bn to ING, Aegon and SNS Reaal.
Commission members questioned over 40 bankers, financial service sector regulators, politicians and academics in January and February. In particular, central bank and financial service authority officials came under fire.
Some general conclusions can already be drawn, Nos tv says: banking culture, with its emphasis on profits, returns and bonuses, encouraged recklessness; there are gaps in the rule books; supervision was not up to scratch and there needs to be more (international) cooperation.
The report is unlikely to have much in the way of political ramifications because the cabinet has already collapsed and the then-finance minister Wouter Bos has quit politics. Central bank president Nout Wellink will also step down next year, Nos says.