Court of Audit highlights the importance of independent control of bank supervision
In a letter to the House of Representatives, the Court of Audit has drawn attention to the need for independent external control of banks. As from 4 November 2014, the European Central Bank (ECB) will have sole responsibility for the supervision of the 128 most significant banks in the euro area. The remaining banks will continue to be supervised by the national competent authorities.
In its letter, the Court of Audit highlights the importance of independent external control of the supervision exercised by the ECB. The Court of Audit can currently audit the way in which the Dutch central bank (DNB) supervises Dutch banks. When these tasks are transferred to the ECB, the Court will no longer be able to audit the supervision of significant banks in the Netherlands.
The Minister of Finance has responded to the Court’s letter and said that he will work within the EU to ensure that the European Court of Auditors has sufficient powers to organise independent external control.
For more information, contact press officer Wietske de Jong-Keetman on +31 (0)70 342 42 19 or +31 (0)6 11 92 50 34.