[PDF] brevet histoire 2015 pondichéry pdf
[PDF] brevet blanc histoire pondichery 2015
[PDF] brevet d'histoire 2017
[PDF] fiche histoire 3eme
[PDF] annales brevet histoire geo emc
[PDF] la maison verte brevet blanc
[PDF] la figure prc ci-contre représente un terrain appa
[PDF] combien de macarons chaque personne a t elle mangé
[PDF] le solitaire est un jeu de hasard de la francaise
[PDF] rapport d'activité ompic 2016
[PDF] loi de finance 2017 pdf maroc
[PDF] la loi de finance 2017 maroc résumé
[PDF] loi des finances 2017 maroc pdf
[PDF] loi de finance 2017 maroc fiscalité pdf
[PDF] loi de finance 2017 maroc tva
2015 Annual Report
Working on trust
DNB seeks to safeguard nancial stability and thus contributes to sustainable prosperity in the Netherlands. To this end, DNB operates as an independent central bank and supervisor to ensure: price stability and balanced macroeconomic development in Europe, together with the other central banks of the Eurosystem; a shock-resilient ?nancial system and a secure, reliable and eficient payment system; strong and sound ?nancial institutions that meet their obligations and commitments. By issuing independent economic advice, DNB strengthens policies aimed a t its primary targets. Presented to the General Meeting of Shareholders held on 23 March 2016.
De Nederlandsche Bank N.V.2015 Annual Report
Central bank and prudential supervisor of nancial institutions
© 2016 De Nederlandsche Bank N.V.
The information in this document may be freely distributed and reproduced for educational and non-commercial purposes, provided the source is acknowledged.
PO Box 98, 1000 AB AMSTERDAM
Westeinde 1, 1017 ZN AMSTERDAM
Tel. +31 20 524 91 11
www.dnb.nl
Email: info@dnb.nl
ISSN: 1566-7200
Contents
Governing Board, Supervisory Board, Bank Council and
Employees Council
fi
Introduction by the President
1
Towards a sustainable higher growth potential
1.1
Introduction
1.2
Challenges for the Dutch economy
1.2.1
Bottlenecks in household balance sheets
1.2.2 Non-housing investment held up well during the crisis 1.2.3
Challenges in the labour market
1.3 Trend-based ?scal policy demands an ambitious ?scal target fi 1.3.1
Trend-based budgeting in jeopardy fi
1.3.2
An ambitious ?scal target
1.4
Financial developments and systemic risks
1.4.1
Downturn in ?nancial cycle levels o
1.4.2 Measures aimed at increasing ?nancial resilience of institut
ions and households
1.4.3 Towards a European capital markets union
1.5 Low rate of ination and consequences for monetary policy in the euro area 1.5.1
Low global ination rate
1.5.2
Monetary measures 43
Box 1.1 Increased level of risk and deteriorating earnings prospects for
DNB 44
1.5.3
Diminishing returns fi
1.6
Towards a positive outlook for the EMU
1.6.1
The EMU is not yet complete
1.6.2
Strengthening policy coordination 49
1.6.3
Public and private risk sharing fi
1.6.4
Structural convergence and public risk-sharing fi
2
Supervision: permanently alert
2.1
Introduction
fifi Box 2.1 Financial position of banks, insurance companies and pension fun ds 56 2.2
Long-term viability of the insurance sector fi
2.2.1
Challenges for insurance business models fi
2.2.2
Implementation of Solvency II fi
2.2.3
Development of worldwide standards
2.3 Banks: SSM gains momentum, Basel III nears ?nalisation 2.3.1
SSM gains momentum
2.3.2
Harmonisation of European banking supervision
2.3.3 Finalisation of Basel III: balancing standardisation against risk sensit ivity 2.3.4 Keystone to the Basel accord: treatment of sovereign risk
2.3.5.
Towards more ecient and stabler banking services
2.4 Features of a sustainable pension system
2.4.1 Dened benet agreements more expensive and less secure 2.4.2 A new system, based on group cover and customisation 2.4.3 A dierent focus in supervision as risks shift to individual members 2.5
Governance - integrity and screening
2.5.1
Integrity
2.5.2
Reinforcement of screening process
2.6
Technological innovation as a new challenge
2.7 Risks for the Dutch nancial sector in the longer term 2.7.1
Commercial real estate
2.7.2
Climate change
3
Resolution: towards an eective regime
3.1
Introduction
3.2
SRM on track; BRRD implemented
3.3
From MREL to TLAC
3.4
European DGS
4
Payments: innovations in a digitalising world
4.1
Introduction
4.2
Innovations in retail payments
4.2.1 DNB welcomes innovations in payments
4.2.2 Instant payments in the Netherlands
4.2.3
Ongoing shift towards debit card payments 84
4.2.4 The NFPS"s viewpoints and recommendations on cash payments 84 4.2.5
More counterfeit banknotes detected 86
4.3 Fundamental changes in wholesale payments and securities processing 4.3.1
TARGET2-Securities launched in stages
4.3.2 More stringent requirements for central counterparties 4.3.3 Bolstering the cyber resilience of nancial institutions 4.3.4
Blockchain technology looks promising
DNB Chronology 2015
5
Accountability
5.1
Introduction
5.2
Corporate governance
5.3
Corporate social responsibility
Box 5.1 Dilemma: transparency
quotesdbs_dbs2.pdfusesText_2