Saturday, April 23 2011 11:31

Nout Wellink: Unification of supervisory and monetary functions is the best model for current situation of development of the global financial system


ArmInfo. The unification of the supervisory and monetary functions is the best model for the current situation of development of the global financial system, Nout Wellink, President of the De Nederlandsche Bank (DNB), Head of the Basel Committee on Banking Supervision, member of the Governing Council of the European Central Bank, said at today's roundtable in the Central Bank of Armenia.

The press service of the Central Bank of Armenia told ArmInfo that Chairman of the Standing Parliamentary Commission for Financial-Credit and Budget Issues Gagik Minasyan and member of this Commission Areg Barseghyan, Finance Minister Vache Gabrielyan and Deputy Finance Minister Vardan Aramyan, bankers and heads of the CBA's departments took part in the event. Nout Wellink also met CBA Chairman Artur Javadyan and members of the CBA Board on April 21.

A report dedicated to the history of development of the financial system of Armenia and financial supervision was read out during the meeting, afterwards Dr.Nout Wellink made a report on the new trends of supervision in the structure of the CBA and outside the CBA. He drew the participants' attention to the fact that the Central Banks should conduct a policy that will give an opportunity to take preventive measures in the sphere of supervision.

CBA Chairman Artur Javadyan thanked the guest and stressed that De Nederlandsche Bank (DNB) had helped the CBA in financial supervision development for many years. He expressed the CBA's desire to use the Dutch experience in the sphere of supervision of insurance companies and pension funds.

Note: Nout Wellink (born in 1943) studied law at Leiden University from 1961 to 1968. He was awarded a Ph.D. in economics from Erasmus University Rotterdam in 1975. From 1970 to 1982, Wellink worked at the Dutch Ministry of Finance. He rose through the bureaucracy to become Director General of Financial and Economic Policy. He also held the post of Treasurer General. In 1982, he became Executive Director of De Nederlandsche Bank (DNB), the central bank of The Netherlands. In 1997, he was named president of the bank. On 1 July 2011 his term as president of DNB will end. In 2000, Wellink became a member of the Trilateral Commission. Since June 2006, Wellink is chairman of the Basel Committee on Banking Supervision, which is a prominent panel that is rewriting global banking regulations.
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