Nout Wellink
Arnout Henricus Elisabeth Maria Wellink arrived in the small village of Bredevoort on the 27th of August 1943. He began his academic journey at Leiden University in 1961 to study law. This path continued for seven years until he completed his studies in 1968. The young student then shifted focus toward economics at Erasmus University Rotterdam. His doctoral work culminated in a Ph.D. degree awarded in 1975. These early years established the intellectual foundation for a career that would span decades within Dutch finance.
Wellink entered government service from 1970 to 1982 working at the Dutch Ministry of Finance. He climbed the bureaucratic ladder to become director general of financial and economic policy. He also held the post of treasurer general during this period. In 1982, he transitioned to become executive director of De Nederlandsche Bank. This institution serves as the central bank of The Netherlands. By 1997, he was named president of the bank. His second term as president concluded on the 1st of July 2011.
From 2006 through 2011, Wellink served as chairman of the Basel Committee on Banking Supervision. This committee examines ways to reconfigure global banking regulations. Financial News determined in 2010 that he wielded the greatest influence on worldwide financial oversight. Critics noted his game-changing proposals on capital requirements and liquidity for banks globally. He stated that supervisors cannot predict the next crisis but can carry forward lessons from recent events. A resilient banking system remained central to sound financial markets and growth according to his views.
Parliamentary scrutiny arose regarding permits issued for failing banks under his supervision. Landsbanki received a banking permit in 2008 while trading under the name Icesave. Banque de France later claimed they never received a request for a credit institution permit yet allowed business progress. That same year Landsbanki went bankrupt and was nationalized by the Icelandic government. DSB also failed in 2009 after receiving a permit from De Nederlandsche Bank in 2005. Analysis showed risk management flaws existed when the permit was awarded. The supervisory board had little influence over CEO Dirk Scheringa during the collapse.
Fortis, Banco Santander and RBS successfully purchased ABN Amro in 2007 with plans to split the bank. De Nederlandsche Bank approved this takeover despite its status as a major system bank pivotal for the Dutch economy. Fortis suffered badly from the credit crisis in 2008. This ultimately led to nationalization of both Fortis and ABN Amro by Belgian and Dutch governments respectively. The Dutch parliament researched this action heavily. De Nederlandsche Bank actions faced high criticism following these events.
Wellink served as president of De Nederlandsche Bank until July 2011. He held directorship at the Bank for International Settlements from 1997 to 2012. His chairmanship of that board ran from 2002 through 2006. He joined the Governing Council of the European Central Bank from 1999 to 2012. Wellink also acted as governor of the International Monetary Fund. He became a member of the Financial Stability Board. In 2000 he joined the Trilateral Commission as well.
De Nederlandsche Bank appointed him to their governing board starting October 2012. He received Commander of the Order of Orange-Nassau honors. A Knight of the Order of the Netherlands Lion title was also bestowed upon him. An honorary doctorate came from the University of Tilburg. Publications included books like Beyond the crisis: the Basel Committee's strategic response in 2009. He published Overheidsfinanciën in 1978 with Lenze Koopmans. From November 2012, he sat on the board of the Bank of China.
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Common questions
When was Arnout Henricus Elisabeth Maria Wellink born and where?
Arnout Henricus Elisabeth Maria Wellink arrived in the small village of Bredevoort on the 27th of August 1943. He began his academic journey at Leiden University in 1961 to study law.
What positions did Nout Wellink hold at De Nederlandsche Bank between 1982 and 2011?
Nout Wellink transitioned to become executive director of De Nederlandsche Bank in 1982. By 1997, he was named president of the bank and his second term as president concluded on the 1st of July 2011.
Why did parliamentary scrutiny arise regarding permits issued under Nout Wellink supervision?
Parliamentary scrutiny arose regarding permits issued for failing banks under his supervision because Landsbanki received a banking permit in 2008 while trading under the name Icesave. DSB also failed in 2009 after receiving a permit from De Nederlandsche Bank in 2005 with risk management flaws existing when the permit was awarded.
How long did Nout Wellink serve as chairman of the Basel Committee on Banking Supervision?
From 2006 through 2011, Wellink served as chairman of the Basel Committee on Banking Supervision. This committee examines ways to reconfigure global banking regulations.
What honors and board memberships did Nout Wellink receive after leaving office in 2011?
De Nederlandsche Bank appointed him to their governing board starting October 2012 and he received Commander of the Order of Orange-Nassau honors. A Knight of the Order of the Netherlands Lion title was also bestowed upon him and from November 2012, he sat on the board of the Bank of China.