For years, ABP has consolidated an illegal EUR 200 billion OTC derivatives collateral carousel of bank-insurers and pension funds

As long as politicians continue to look away from Worst Bank Scenario, it is crocodile tears that they 'cry' about, among other things, the lack of indexation and returns at ABP. 

For years, ABP has consolidated an illegal EUR 200 billion OTC derivatives collateral carousel of bank-insurers and pension funds. Collateral that did not exist but that was 'created' by reusing assets of banks, insurers and pension funds (through so-called repo transactions, guarantees and securities lending). 

In 2009, APG established the APG Treasury Center (Pensioen-CCP) for this operation clearing house and in 2010 the articles of association of the non-transparent custodian foundations of APG investment funds were amended so that ABP was allowed to appoint the directors of these foundations and in this way gained 'control'. These foundations gave guarantees/received recourse and thus concealed EUR 200 billion in collateral shortfall of bank insurers.

These custodian foundations, which held the shares of this "secret Pension CCP" (read Worst Bank Scenario ) and must have had a declaration of no objection from DNB for holding a qualifying holding in the Pension CCP, were consolidated with ABP. 

In 2016, the articles of association were amended again and this appointment of directors was removed again. In 2016, ABN, ING and Rabobank changed their financial statements by EUR 200 billion with retroactive effect. Pieter Omtzigt asked parliamentary questions about this in 2018 in vain.

In 2018, this Pension CCP was concluded and DNB started to lend a hand by postponing the date of valuation of collateral (assets held for non-monetary purposes, including investment funds) by one day in its own financial statements, without explanation. Jan Hommen joined BlackRock in 2018 (after becoming CEO of KPMG in 2014; the firm that, together with BlackRock, among others, assisted DNB/ECB with the asset quality review of ING/Nationale Nederlanden, among others, in 2014). BlackRock was DNB's advisor. 

In 2022, following the acquisition of NN Investment Partners (the pension asset manager that became a partner of the ECB in 2014 as part of the ECB's purchase programme) by Goldman Sachs, this date of valuation of securities held for non-monetary purposes was reversed. DNB shifted EUR 270 billion from reserve accounts to deposits (the collateral deficit of which EUR 200 billion was financed (read: 'laundered')) and wrote off EUR 110 billion in refinancing operations. ING added EUR 81.5 billion in OTC derivatives and pension funds deposited EUR 82 billion. 

In the meantime, I have been litigating for 12 years about the liquidity surcharge that has NOTHING to do with Euribor/money market but concerns the costs of this collateral operation. 

Who knows the actual calculations that have been made behind the scenes and what do they look like? 

The truth (including the calculations and the names of consciously competent people involved) must come to light.