Central Bank will be
investigated again
WILLEMSTAD--The Dutch Financial Market Authority AFM again will check on the financial supervision exercised by Bank of the Netherlands Antilles BNA. It was announced last month that, according to AFM, BNA has been seriously lacking in its financial supervision tasks.
BNA disagreed with AFM’s criticism and stated that it had caused a lot of harm to the Netherlands Antilles financial sector. BNA announced on Tuesday that it had contacted AFM on the issue and invited it to conduct an investigation of the financial supervision tasks again.
Based on this second investigation, a new advice will be forwarded to Dutch Finance Minister Wouter Bos. Recently Bos, based on AFM’s latest investigation, said BNA’s compliance with legal rules and regulations was insufficient.
BNA defended itself by stating that it had been exercising financial supervision of financial institutions such as banks, pension funds and insurance companies. This supervisory task was checked and found adequate in 2003-2004 by experts of the International Monetary Fund and the World Bank. BNA trusts that AFM’s new investigation will lead to a positive evaluation.
