The banking crisis elsewhere is therefore not “a concern high on my list,” says Knot, who as chief executive broke the bad news that DNB had suffered losses for the first time in ninety years. This is mainly due to the rapid increase in interest rates.
Bank run
It is likely that the banking crisis will not spread to the Dutch banking sector, according to BNR in-house economist Han de Jong. “Eventually, if all the account holders in a bank get worried and withdraw their money, all the banks will collapse.” But that scenario is unrealistic, says De Jong. “In the Netherlands, there’s no reason to do that, but at Silicon Valley Bank it was different.”
Comparisons are also often made with the financial crisis of 2008. De Jong also sees similarities to that time. “It’s still fresh in my mind. But the differences compared to now and 2008 are much greater. That doesn’t keep me awake.”
The EU has stricter rules
The domestic economist’s confidence is mainly due to the stricter supervision since 2008. “Supervision has been significantly strengthened, liquidity and solvency requirements have increased significantly, and the situation has changed in the United States.” De Jong refers, among other things, to financial rules that the US has loosened, while this has not happened in the EU.