"As a result of the changes to the accounting rules and the financial supervisory framework (FTK) introduced at the same time, pension funds and insurers
started valuing their liabilities on a fair value (market value) basis.
In the years before the introduction of the FTK, they were already allowed to apply this fair value approach of the Dutch Central Bank (DNB).
This led to a variable actuarial interest rate and to the sharp increase in the taking out of interest rate derivatives to eliminate interest rate risk.
It should be clear that setting up a pension CCP does not fall within the 'prudent person rule'. Moreover, since DNB and the AFM were supervisors of the pension funds ABP and PFWZ,
their administrators and subsidiaries APG and PGGM and their pension CCPs, it is crystal clear that the supervisors also colluded here to conceal the liquidity deficit of the bank-insurers.
In addition, as mentioned above, the pension CCPs were independently licensed by the AFM in 2009 to provide investment services."
Excerpts from
Worst Bank Scenario
Would you like to know what has happened to your pension funds since 2007, when the Financial Assessment Framework (FTK) for pension funds was introduced?
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