In April 2009, the Advice Committee on the Future of Banks headed by Mr Cees Maas presented its report “Towards repairing trust” (in Dutch), in which it made various recommendations on improving the performance of the Dutch banking sector. The Committee considers it important that the interests of the client are again the focal point, that expertise is required of members of the board of management and board of supervisory directors of a bank, and that the remuneration of directors is a point of attention. The recommendations should be set out in a code.

DNB and the AFM have currently responded (in Dutch) to the report. They endorse the recommendations of the Committee, although the AFM has concerns about the implementation of the recommendations. The AFM also has questions on the status of the code and the effectiveness of self regulation. DNB commented on the Committee’s proposal to reduce the cover under the deposit guarantee scheme to between EUR 40,000 and 50,000. It notes that as of 1 January 2010, a maximum cover of EUR 100,000 will apply throughout Europe, unless it appears at the end of 2009 that this is inappropriate and not financially feasible for all member states. DNB is also critical of the proposed replacement of the current pay-as-you-go scheme, where the participating banks pay a premium to the government, which it subsequently pays out for appeals to the scheme. DNB considers this scheme would make the government vulnerable and at odds with European rules regarding illegal state assistance.