Council of state criticises plan to split central bank job into two

The government advisory body the Raad van State (Council of State) on Wednesday criticised government plans to change the structure of the Dutch central bank.

The government is preparing to split the job of central bank president when the current incumbent, Nout Wellink, steps down in July 2011. The new president will deal with monetary policy and a new head of regulation will regulate the banks.
The Raad van State says the draft law makes the head of regulation legally and independently responsible for decisions made on behalf of the bank, but the president takes the final responsibility, reports the Financieele Dagblad.
This does not square with fostering and maintaining collegiality within the board, says the Raad van State.
Klaas Knot, a senior civil servant with the finance ministry, has already been appointed as the new president. The new head of regulation is Jan Sijbrand, chief risk officer at merchant bank NIBC.

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