Court of Audit points out limited power to audit financial supervisors

In a letter to the House of Representatives, the Court of Audit has referred to the limitations currently in place preventing it from auditing the work of the supervisors of the financial markets.

The House will soon be debating the findings of the parliamentary inquiry committee on the financial markets (also known as the De Wit Committee) with the Minister of Finance.

The letter reminds the House that the Court of Audit is still unable to audit the quality of the supervision exercised by De Nederlandsche Bank (DNB). According to DNB and the Minister of Finance, such audits are prevented by a European directive. An audit by several supreme audit institutions in the EU member states, however, found that the audit institutions in four countries may carry out such audits.

The letter also considers the fact that the increase in the European Central Bank's power to supervise the financial sector does not provide for the audit of the ECB's work.