‘Buffer needed between banks and Bos’

Christian Democrat, Labour and Liberal MPs want the government to set up an intermediary body between finance minister Wouter Bos and financial service companies, such as ABN Amro, in which the state has a stake, the Financieele Dagblad reports on Wednesday.

It is important that Bos does not appear to be both bank manager and finance minsiter at the same time and he should not be held liable for ‘every little move’ made by the banks, the MPs said.
‘That is not in the companies’ interests,’ CDA finance spokesman Frans de Nerée told the paper.
The general audit office has already warned the government of these risks, the FD points out.
‘We want a buffer when it comes to exercising shareholders’ rights, investments and managing supervisory board members who are acting on the government’s behalf,’ the MP said.
Bos is expected to tell MPs how he plans to deal with his banking role as early as next week.
The minister has already said there are both advantages and disadvantages with setting up an independent foundation. In particular, an intermediary would change the way he reported on the banks to MPs, Bos has said.
Labour MP Paul Tang told the paper he wants to make sure that banks which have been bailed out with government money keep to new guidelines on executive pay and bonuses.
‘I still have my doubts about whether banks have leart their lessons or should we take the risk that they are [still] gambling with other people’s money?’ he said.

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