Netherlands
Illiquidity, concentrated bond holding raise volatility – paper
The volatility of financial market price shocks in the Bund and taper tantrums was aggravated by illiquidity and concentrated holdings of bonds, working paper finds
DNB opens financial ‘whistleblowing desk’
Dedicated confidential contact points aim to make it easier to report malpractice, bank says
Dutch paper explores price level dispersion
‘Idiosyncratic shocks’ have greater impact on price level dispersion within the eurozone than in the US, authors say
New Dutch deposit guarantee scheme should ‘disincentivise risk-taking’ by banks
The Netherlands Bank has introduced a new deposit guarantee scheme; scope is wider than old scheme and risk-based, ex ante funding structure aims to dis-incentivise risk-taking by banks
DNB director targets better measurement of inclusion
Frank Elderson emphasises the benefits of financial inclusion and says central bank will put forward proposals for financial inclusion index later this week
DNB sizes up pension fund recovery plans
DNB assessment of recovery plans highlights funds do not intend to cut pensions in order to achieve new regulatory requirements
CoCo bonds decrease banks’ appetite for risk, paper argues
Convertible bonds decrease banks’ incentives to take risks in highly-leveraged states, a DNB working paper argues
Dutch paper contradicts ‘conventional view’ on fiscal adjustments
Working paper cannot rule out that increasing revenues is just as effective at bringing about fiscal adjustment as spending cuts
Dutch paper compares measures of systemic risk with market perceptions
Working paper notes the need for ‘careful consideration’ of the impact of prudential policies on both bank risk and systemic risk
Dutch bulletin: T2S can only succeed if ‘many’ CSDs sign up
The Netherlands Bank's latest bulletin highlights the importance of more CSDs in Europe signing up to the Target2-Securities platform since the initial migration in June
ECB paper finds periphery most affected by credit shortage
Peripheral economies appear to suffer a greater slowdown of productivity than their northern neighbours when facing a squeeze on credit, research published by the ECB finds
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
Dutch paper says theory of forward guidance must catch up with practice
Economists from the Netherlands Bank argue so-called Odyssean communication ‘does not exist in practice’ as central banks want to avoid committing themselves to a particular set of actions
Klaas Knot blames disharmony in regulation for higher risks
A lack of common standards in eurozone capital markets was an ‘aggravating factor’ in the run-up to the financial crisis, Dutch governor says; urges commission to add this to CMU proposals
New euro banknotes go down well in the Netherlands
Study conducted for the Netherlands Bank finds new €5 and €10 banknotes are more popular than their predecessors, though familiarity with design features remains low
Dutch committee recommends 90% LTV limit on mortgages
Netherlands financial stability committee advises government to gradually reduce loan-to-value limit to 90%, despite IMF recommending cut to 80%
Balance sheet policies may not be enough to lift expectations, Dutch research finds
Working paper analyses the impact of credit and quantitative easing policies on inflation expectations, finding central banks may need to do more to lift them
Dutch paper finds public campaigns can boost debit card use
Working paper examines a campaign run in the Netherlands in 2007, finding it led to debit card use increasing by 2%; effects most prominent at early stage of campaign
Dutch paper finds global banking system has adopted ‘a more regional focus’
Researchers say global banking has not become more fragmented, but has undergone some ‘important transformations’ since the crisis
Researchers find evidence of ‘European unemployment cycle’
Working paper published by The Netherlands Bank separates the different origins of unemployment in Europe, finding the continent- and country-level factors most influential
Dutch paper examines bank responses to wholesale funding shocks
Working paper published by The Netherlands Bank finds banks with large exposure to government bonds show ‘relatively stronger response’ to wholesale funding shocks
DNB paper calls for ‘fundamental overhaul' of Dutch pensions system
Central bank says current system has ‘opaque redistributive elements that are difficult to justify' and puts some generations ‘at a disadvantage in favour of others'
DNB bulletin: International cooperation ‘essential’ over cyber threats
Latest bulletin from The Netherlands Bank encourages both financial institutions and national authorities to collaborate more in bolstering defences against attacks
Netherlands Bank moves 122.5 tonnes of gold from New York to Amsterdam
Central bank will now keep 31% of its gold reserves in own country; move was designed to create a more even distribution of its reserves across the globe