These developments have recently led to the establishment of a Council of Financial Supervisors in the Netherlands. This Council consists of Board members of the Securities Board, the Insurance Board and the Nederlandsche Bank. I consider the establishment of the Council as an accurate and logical reaction to the structural developments in the financial services industry.
It seals the long-standing close and harmonious relationships between the Dutch financial supervisors. The Council of Financial Supervisors will not execute supervisory functions itself, but leaves that to its constituents. It deals with regulatory issues that go across boundaries of specific financial sectors. The first issue concerns the supervision of financial sector integrity.