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2016 Annual Report Working on Trust

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2016 Annual Report Working on Trust 2016 Annual Report Working on trust DNB seeks to safeguard financial stability and thus contributes to sustainable prosperity in the Netherlands. As an independent central bank, supervisory authority and resolution authority, DNB works in tandem with its European partners to achieve: – price stability and a balanced macroeconomic development in Europe; – a shock-resilient financial system and a secure, reliable and efficient payment system; and – strong and sound financial institutions that meet their obligations and commitments. By issuing independent economic advice, DNB strengthens policies aimed at its primary targets. De Nederlandsche Bank N.V. 2016 Annual Report Presented to the General Meeting of Shareholders held on 29 March 2017. Central bank and prudential supervisor of financial institutions © 2017 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: [email protected] ISSN: 1566-7200 Contents Organisation and governance 5 Introduction by the President 13 1 Towards broad-based growth 1.1 Introduction 31 1.2 The income position of households 31 1.2.1 Favourable income trends 32 1.2.2 Income variances between households 32 1.2.3 Economic significance of balanced income development 34 1.3 Public and private investment 35 1.3.1 Investement and its effect on economic growth 35 1.3.2 Necessity and scope for public investment 36 1.3.3 Constraints in private investment 38 1.3.4 Initiatives to facilitate private investment 39 1.4 Inflation and monetary policy in the euro area 40 1.4.1 Cyclical factors are depressing inflation 40 1.4.2 Structural factors are also reducing inflationary pressure 41 1.4.3 Monetary easing has its limits 42 1.4.4 Increasing market disruptions 43 1.5 Effectiveness of macroprudential policies 44 1.5.1 Deployment of macroprudential instruments 44 1.5.2 Effectiveness and leakages 45 1.5.3 Interaction with other policy areas 47 2 Supervision: new developments demand flexibility from the financial sector and alertness from supervisory authorities 2.1 Introduction 53 2.2 Banks: resilience improved, Basel 3.5 approaching 53 2.3 Insurance companies are facing fundamental choices 58 2.4 Pension funds: the sector needs a future-proof system, now more than ever 61 2.5 Prevention of financial and economic crime demands ongoing attention 64 2.6 Examination into new risks ensuing from the regulatory regime 66 3 Orderly approach to failing banks on track 3.1 Introduction 69 3.2 Frameworks for resolution planning and execution 69 3.3 Not all failing banks need to be resolved by applying resolution instruments 70 3.3.1 Short time frame between planning and execution 70 3.3.2 Indicators 70 3.3.3 Consequences 71 3.4 Proposals for MREL review 71 3.5 The revised DGS, building on confidence 72 3.5.1 New regulations in practice 72 3.5.2 Working towards a European DGS to complete the banking union 73 4 Many innovations in payments 4.1 Introduction 77 4.2 Debit card payments are advancing, but cash remains 78 4.2.1 Payments in 2016 78 4.2.2 Payments in the future 79 4.2.3 Cash will still be needed 80 4.3 The settlement infrastructure is being strengthened further 81 4.3.1 A separate resolution framework is needed for central counterparties 81 4.3.2 Cyber resilience of Dutch financial institutions to be tested 83 4.4 Distributed ledger technology looks promising but requires more study 84 DNB Chronology 5 Accountability 5.1 Introduction 89 5.2 Mission and ambitions 89 5.3 Vision on corporate social responsibility 91 Box 5.1 CSR Committee 92 5.3.1 Stakeholder dialogue on CSR 92 Box 5.2 Stakeholder management relating to CSR and the Sustainable Finance Platform 93 5.3.2 CSR materiality analysis 94 5.3.3 CSR priorities 95 5.4 Results achieved by core task 95 5.4.1 Monetary tasks: price stability and balanced macroeconomic development in Europe 95 Box 5.3 Dilemma regarding sustainable pension system based on solidarity 97 5.4.2 Financial stability: a shock-resistant financial system 98 5.4.3 Payment system: a secure, reliable and efficient payment system 100 Box 5.4 Relocation of DNB’s gold vaults and banknote activities 102 5.4.4 Supervision: sound and ethical financial institutions that fulfil their obligations 103 Box 5.5 Creation of new capital requirements framework: Basel 3.5 103 Box 5.6 InnovationHub 105 5.4.5 Resolution: DGS and a controlled approach to bank failure 106 5.4.6 Statistics: viable statistics to support DNB’s core tasks 107 5.5 Internal operational management results 109 Annual report 5.5.1 Staffing 110 5.5.2 Compliance and integrity 115 5.5.3 Environment 117 5.5.4 Sustainable procurement 119 5.5.5 Social commitment 119 5.6 Risk management 122 5.6.1 Risk management model 122 5.6.2 Risk categories 122 5.6.3 Main operational risks 123 5.6.4 In control statement concerning financial reporting risks 124 5.7 Report on costs 124 5.8 Financial position of DNB 125 Box 5.7 Credit risks and interest rate risks resulting from QE 126 5.8.1 Monetary exposures 128 5.8.2 Own-account investments 130 5.8.3 Result 132 5.9 CSR accountability 134 6 Report of the Supervisory Board 6.1 Introduction 159 6.2 Composition and appointments 159 6.3 Activities 160 6.4 Audit Committee 163 6.5 Remuneration and Appointments Committee 164 6.6 Supervision Committee 164 6.7 Declaration of independence 165 6.8 Concluding words 165 Financial statements Balance sheet as at 31 December 2016 (before appropriation of profit) 168 Profit and loss account for the year ending 31 December 2016 170 Notes to the balance sheet as at 31 December 2016 and the profit and loss account for the year 2016 171 1 Accounting policies 171 2 Notes to the balance sheet 177 3 Notes to the profit and loss account 205 4 Other information 216 Charts 1 Towards broad-based growth 1.1 Trend of inequality in industrialised countries 33 1.2 Labour income ratio total economy 1969-2015 34 1.3 Public investment 36 1.4 Private investment 36 1.5 R&D spending in 2015 37 1.6 SME lending 38 1.7 Inflation in the euro area and oil prices 40 1.8 Lending to households and non-financial corporations in the euro area 41 1.9 Average growth of mortgage debt after tightening of borrowing limits 46 1.10 Debt levels, total and by sector 48 2 Supervision: new developments demand flexibility from the financial sector and alertness from supervisory authorities 2.1 Bank capital positions 54 2.2 Bank profitability 54 2.3 Shift in mortgage debt and mortgage production 55 2.4 Price trends of CoCo bank shares and senior bank bonds 57 2.5 Premium income of life and non-life insurers 59 2.6 Consolidation in the pensions sector 61 2.7 Pension funds’ funding ratios 62 4 Many innovationsin payments 4.1 Debit card payments have outstripped cash payments 78 5 Accountability 5.1 Percentage of sta by years of service 111 5.2 Number of male and female employees by age group 113 5.3 DNB’s total exposures and risks 126 5.4 Trend in DNB’s results 132 5.5 Reputation score (Prof. van Riel) 152 Annual report Figures 4 Many innovations in payments 4.1 Central counterparties are key elements in financial markets 81 4.2 Distributed ledger technology, stylised model of transaction processing 85 5 Accountability 5.1 Value creation at DNB 90 5.2 CSR materiality analysis 94 Tables 5 Accountability 5.1 Key HR figures 110 5.2 Influx (including distinction by gender) and internal flow of staff 111 5.3 Reasons for leaving 112 5.4 Percentage of women at DNB 113 5.5 Reports and requests for advice relating to integrity regulations 116 5.6 Integrity incidents, investigations and complaints 117 5.7 G4-EN15 Measured environmental data and explanation of policy and activities 118 5.8 Core task costs 124 5.9 Total exposures of DNB 128 5.10 Monetary exposures 129 5.11 Composition of own-account investment portfolio 131 5.12 Breakdown of DNB’s results 133 5.13 DNB’s score in Transparency 153 Annex 1 Overview of CSR objectives and results 134 2 Stakeholder dialogue with DNB 139 3 Data on energy consumption 140 4 GRI G4 table 141 5 Method of management and evaluation 145 The cut-off date for this Report was 16 March 2017. Note Gross domestic product (GDP), used to express quantities in some tables and charts, is GDP at market price unless stated otherwise. Legend 0 (0.0) = the figure is less than half of the rounding used or nil; blank = a figure cannot logically occur or the data are not reported (to DNB); - = no data available. Rounding Figures may not add up due to automatic rounding per series; rounding per table means that there is not always a smooth transition between tables. Annual report Organisation and governance 5 From left to right: Job Swank, Klaas Knot, Frank Elderson and Jan Sijbrand At the adoption of the 2016 financial statements, the Governing Board, Supervisory Board, Bank Council and Employees Council of De Nederlandsche Bank, and its governance, were as follows: Governing Board President: Klaas Knot (1967, NL; economics, end of first term: 2018) Executive Director: Jan Sijbrand (1954, NL; mathematics, end of first term: 2018; Chairman for Prudential Supervision) Executive Director: Frank Elderson (1970, NL; Dutch law, end of first term: 2018; Executive Director of Supervision, Legal Services and Resolution) Executive Director: Job Swank (1955, NL; economics, end of first term: 2018; Executive Director of Monetary Affairs, Financial Stability and Payments) Secretary-Director: Nicole Stolk (1969, NL; history and Dutch law; Internal Operations) Company Secretary: (vacancy) 6 Supervisory Board Chair: Wim Kuijken (1952, NL; economics, end of first term: 2019) Member of the Remuneration and Appointments Committee.
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