Holland Financial Centre disappoints the sector: FD
Wednesday 11 July 2012
A public-private sector initiative to boost the Netherlands' reputation as a financial centre has not met industry expectations, the Financieele Dagblad reports on Wednesday.
The Holland Financial Centre was set up in 2007 but has failed to have an impact, largely due to the economic climate, sources told the paper.
'This is not a good time for a financial lobby group,' professor Arnold Boot is quoted as saying. 'The goodwill you build up disappears every time a scandal comes along.'
Expertise
The aim of the HFC is to strengthen the position of the Dutch financial sector, so that knowledge and expertise can be exported. 'The results are disappointing,' Clifford Chance partner Ate Veenstra told the FD. 'This is making us reconsider the fee - some €25,000 a year for our office. We don't get that much in benefits.'
Another senior executive at a large financial services group told the paper the organisation is 'invisible'.
The HFC has a staff of 10 and was given €5.5m in initial subsidies by the state and Amsterdam city council. The subsidy ends next year. Its projects include the HFC Plaza - an office location for financial sector start-ups in the Zuidas business park.
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A financial sector that depends on subsidies? Is this a joke? Transfer of wealth from taxpayers to a "financial centre" is in itself an oxymoron. Why not trying cutting incometax so that people have more wealth to invest? This of course, for a politicial who gains votes by promising subsidies is anathema.
By Juan Carlos Carrillo | 12 July 2012 8:50 AMJC