Dutch pension funds are increasingly investing their assets in foreign investment funds. Whereas their holdings in Dutch investment fund units have been declining for some time, an increasing share of their assets is being allocated to foreign, especially European, investment funds.Read more
Cooperation in the Netherlands, Europe and the world
De Nederlandsche Bank (DNB) wants to safeguard financial stability and thus contribute to sustainable prosperity in the Netherlands. We do so at a national and international level. But we can do so even better if we work with other organisations: within the Netherlands, in Europe and the world.
Cooperation – in the Netherlands
We regularly consult with other organisations in the Netherlands: with fellow supervisors, such as the Dutch Authority for Financial Markets (AFM) and the Dutch Data Protection Authority (AP), with the government and government agencies, such as the Ministry of Finance, with Statistics Netherlands (CBS), the Netherlands bureau for Economic Policy Analysis (CPB), and as a member of the Social and Economic Council of the Netherlands (SER). We also consult with trade and professional associations, such as the Dutch Association of Banks (NVB) and the Federation of the Dutch Pension Funds. Below we highlight three further examples.
Financial Expertise Centre
The Financial Expertise Centre (FEC) is a partnership of supervisors and public authorities involved in supervision, control, detection and prosecution in the financial sector. A partnership aimed at strengthening the integrity of the financial sector. The FEC partners exchange insights, knowledge and experiences to combat criminals and malicious companies together.
National Forum on the Payment System
The National Forum on the Payment System (NFPS) consists of various organisations representing payment service providers and users. The aim of the NFPS is to ensure that everyone can make payments securely and easily. The NFPS partners make agreements to achieve this, for example on the accessibility and acceptance of cash, and on the security of account holders’ data. DNB is the chair of the NFPS and provides the secretariat.
Sustainable Finance Platform
The Sustainable Finance Platform comprises supervisory authorities, government ministries and representatives from the financial sector. The aim of the platform is to remove barriers to sustainable finance and to collaborate on sustainability initiatives. DNB chairs the platform.
Cooperation – in Europe
At a European level, we are committed to strengthening monetary policy, the Banking Union and the Capital Markets Union. As the central bank of the Netherlands, we are part of the European System of Central Banks. We have a voice in the decisions on monetary policy in Europe. As the prudential supervisor, we are part of the European System of Financial Supervision. We have a voice in many different European bodies that supervise payment systems, securities transactions, insurers and pension funds. And as the national resolution authority, we decide on the course of action for banks and insurers that have run into problems. Below, we highlight some of our European partnerships.
European System of Central Banks
The European System of Central Banks (ESCB) consists of the European Central Bank (ECB) and the national central banks of all 27 Member States of the European Union (EU). It includes both the euro area countries and the EU Member States that have their own national currency.
The Eurosystem consists of the ECB and the national central banks of the euro area countries. These are the 20 countries that have the euro as their currency. The ECB's Governing Council decides on the best monetary policy for the euro area countries. The President of DNB is a member of the ECB's Governing Council and therefore has a say in the decisions on monetary policy. The countries that have their own currency pursue their own individual monetary policies.
Single Supervisory Mechanism
The Single Supervisory Mechanism (SSM) consists of the ECB and the national supervisory authorities of the euro area. Non-euro area countries can also participate in the SSM. Together, they supervise the main banks in the euro area. All other banks are subject to the supervision of the national supervisory authorities. The SSM is one of the two pillars of the Banking Union, alongside the Single Resolution Mechanism.
Single Resolution Mechanism
The Single Resolution Mechanism (SRM) consists of the Single Resolution Board (SRB) and the national resolution authorities of the countries participating in the SSM. Together they decide on the orderly approach of banks in trouble. The SRM is one of the two pillars of the Banking Union, alongside the SSM.
European System of Financial Supervision
The European System of Financial Supervision (ESFS) supervises the financial system in Europe. It consists of three European supervisory authorities (ESAs), which are the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the Joint Committee of these three supervisory authorities. Together they are responsible for microprudential supervision in Europe, which is the supervision of individual financial institutions. The ESFS also includes the European Systemic Risk Board (ESRB). The ESRB focuses on the supervision of the financial system as a whole: macroprudential supervision. The national supervisory authorities and the ECB are also represented in the ESAs and in the ESRB.
Cooperation – worldwide
We make our voice heard in international partnerships with other central banks and supervisory authorities around the world to safeguard financial stability, sustainable prosperity and sustainable economic growth. Below are some examples of our worldwide partnerships.
Financial Stability Board
The Financial Stability Board is an international body monitoring the stability of the financial system in general, and the banking sector in particular. It coordinates the review of international banking supervision. Klaas Knot is the Chair of the FSB.
International Monetary Fund
The International Monetary Fund (IMF) is an institution for international monetary cooperation in which 184 countries participate. The Netherlands and Belgium have a joint seat on its Executive Board on behalf of a constituency of twelve countries.
Bank for International Settlements and the Basel Committee of Banking Supervisors
The Bank for International Settlements (BIS) is a bank for central banks. The Basel Committee on Banking Supervision (BCBS) is part of the BIS. It sets standards for banking supervision worldwide.
International Association of Insurance Supervisors (IAIS)
The International Association of Insurance Supervisors (IAIS) sets standards for insurance supervision worldwide.
International Organisation of Pension Supervisors
The International Organisation of Pension Supervisors (IOPS) isets standards for pension supervision worldwide.
Organisation for Economic Cooperation and Development
We participate in insurance and pension discussions in various working groups of the Organisation for Economic Cooperation and Development (OECD).
The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) is an international and growing network of central banks and supervisory authorities. The aim of the NGFS is to green the global financial system and support the transition to a sustainable economy. DNB is a permanent member of the Steering Committee of the NGFS.
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