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Financial sector angry at extra central bank regulatory costs

Monday 12 November 2012

Insurance companies and banks are embroiled in a conflict with the Dutch central bank about increases in the cost of regulatory supervision, the Financieele Dagblad reports on Monday, quoting market sources.

The central bank is planning to increase the cost of regulation in line with an expansion of its supervisory role and banks, insurance companies and pension funds will pick up the bulk of the rise.

The paper says critics are reluctant to express their discontent too loudly because of fears that they will be targeted for extra attention.

Crisis

‘All the [financial service] sectors are feeling the crisis,’ said Theo Hoppenbrouwers, an advisor to the health insurance sector body ZN. ‘The central bank is increasing the cost of regulation by double figures without making clear what is improving.’

The central bank is putting up the cost of carrying out its regulatory role by 13% to €149m next year. The financial services watchdog AFM costs a further €80m. At the same time, the state contribution of €38m is being reduced and will go altogether in 2015.

The central bank says it needs the extra income to pay for increased supervision in the wake of the financial crisis and is expanding its regulatory staff by 54 jobs.


Your thoughts? Use the comment box below.

© DutchNews.nl



 

Readers' Comments

Angry, disgusted, ashamed - thery should be feeling all of these things. Clearly they cannot regulate themselves without resorting to robbery. Reluctant to express discontent in public so will continue to lobby hard behind the scenes? Faceless & shameless.

By Dr Ponzi | 12 November 2012 10:42 AM

as long as banks and insurance companies suffer, i am happy.

i like to see em in misery.

By dork | 12 November 2012 10:54 AM

if people and institutions in the financial sector had not acted improperly taking risks with our money, then the extra regulations would not be necessary, and therefore the extra costs would also not be necessary. the angry people in the financial sector have only themselves to blame for this. what comes around ALWAYS goes around.

By B | 12 November 2012 11:44 AM

Of course, the banks always complain about anything that cost them, but they are quick to put their hand out when it's time for a bailout.

By Dan J. | 12 November 2012 12:56 PM

The middle classes are about to be hammered with a 10-20% increase in their tax burden to help cover the bail out of the banking crisis that caused this mess, and the banks are now concerned that a pifflingly tiny addition (13% of a tiny amount compared to their equivalent Netto) to their burden will be grievous to their operations.

Sorry. No sympathy here.

When the Banks offer a floating mortgage rate to the common man that is closer to the ECB rate, then my sympathy might grow.

By H. | 12 November 2012 4:30 PM

Pure, shameless, arrogance, also, this proposed oath of integrity is a joke. We should follow the example of Iceland, and give financial offenders jail time. Its worth noting that since lawmakwers took back control, Icelands’s gross domestic product will expand 3.1 percent this year and 2.2 percent in 2013, the central bank estimates, after contracting as much as 6.8 percent in 2009 and another 4 percent the following year.
http://www.bloomberg.com/news/2012-11-06/iceland-sees-bubble-threat-from-foreign-cash-mortgages.html

By Highlander | 12 November 2012 4:53 PM

@dork - why so much anger and hate friend? The only thing that does is to make you unhappy throughout.

By Fatality | 12 November 2012 4:59 PM

The Canadian median compensation in 2005 was roughly $100,762 (in U.S. Dollars) and almost $170,000 for anyone with 10+ a lot of experience. An MBA grad is open to broad career opportunities, far broader than the usual CFA charter holder.

By click here | 12 November 2012 10:00 PM

@fatlaity: well, I should have said that I also love to see two other groups in misery: M.D.s and lawyers (in addition to bankers and insurers).

By dork | 14 November 2012 8:18 AM

 
 
 
 
 
 
 
 
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