Financiële Studievereniging Groningen
Magazine
Banking Jaargang 23 - september 2012
1
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AGIS AVÉ RO ACH MEA C E N T R A A L B E H E ER A C H M E A FBTO I N T E R PO L I S Z I LV E R E N K RU I S A C H M E A
Daniël Wiersma
Editor-in-chief 2012-2013
Preface The vacation is over and judging by the
even themselves. Proof of this is the recent
however. Cultural and regional influences
weather the summer will follow suit. I hope
scandal regarding the manipulation of the
have its effect on the way banks operate. As you
you all enjoyed your free time and I would
Libor rate. However, the truth of the matter is
can read in this magazine, Islamic banking for
like to welcome you back.
that not every bank in existence is involved in
example differs from the banking we are used
such practices, as some people tend to think.
to. A country such as Panama knows a very
It seems these days that the world is facing
Generalization is causing even decent bankers
conservative banking system and is therefore
an
(global)
to feel ashamed to answer the question about
less sophisticated. Another difference results
economy is relying heavily upon the financial
what they do for a living. What made it come
from being a state owned bank which is also
system of which banks are a large part.
to pass that one of the most respectable
addressed in this magazine. I am sure more
However, in recent years bankers somehow
professions is now one of the most frowned
examples of differences exist.
managed to become seemingly less trusted
upon? It could have something to do with
by the general public as time goes by. As
banking becoming more complex than it used
Enjoy this edition and good luck during the
we all know this distrust originated mainly
to be. Early on banking was mainly about
academic year!
from the beginning of the financial crisis
keeping people’s money safe and earning
in 2007. Citizens demanded more rules in
money by issuing loans. As years went by and
order to be protected from what they viewed
more ways of money making were invented,
as careless greed. As a result banks are now
this changed. The pinnacle of this change
faced with more rules. Interestingly enough,
that, at least in part, caused the financial crisis
some bankers are not exactly doing a great
were the packages of subprime mortgages.
job in restoring faith in their institutions or
Banking does differ around the world,
interesting
dilemma.
Risk Magazine 09 – 12
Our
3
Colofon
Publisher: Risk, Financiële Studievereniging Groningen Editor-in-chief: Daniël Wiersma
6 Financial Headlines
Editors: Fabrizio Caruso Fleur Mulder Mariska de Jonge Daniël Schippers Daniël Wiersma Final Editor: Mariska de Jonge Dylan Kuiper Fleur Mulder Address: Financiële Studievereniging Risk Kamer 5414.0040 Landleven 5 9747 AD Groningen
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ABN-Amro as a stateowned bank “The problems associated with the current financial situation will be used to explain that
Layout: Daniël Wiersma
there is little that ABN-Amro can do”
Design: LS Ontwerpers BNO Cover: Lieke Pelle Photography: Henk Veenstra Printing: Zalsman Groningen Circulation: 1.400 copies Subscription The Risk Magazine is published five times a year. The price of a subscription is twelve Euros per year. To get a subscription, please contact Pieter Zandee (050 363 7306). Advertizing If you are interested in advertizing in the Risk Magazine, please contact Pieter Zandee (050 363 7306).
Risk is gelieerd aan de Economische en Bedrijfskundige Faculteitsvereniging
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10
Islamic Banking: A Real Solution to the Current Financial Crisis?
Content
16
6
Financial Headlines
8
Article: ABN-Amro as a state-owned bank
10
Article: Islamic Banking: A Real Solution to the Current Financial Crisis?
14
Article: Banking “The Panama Way”
19
Column Wouter Joustra Chairman Risk Board
20
Column Dra. A. Smeenge RA
22
Cover Interview Lieke Pelle
Banking “The Panama Way”
Verenigingsnieuws
24
26
Preview Beleggersavonden
27
Preview Accountancy Week
28
Preview Multinational Cycle
29
Preview Risk Symposia
30
Calendar
Cover Interview with Lieke Pelle
5
Financial Headlines Written by:
Mariska de Jonge, Fleur Mulder & Daniël
Wiersma
Expensive wedding dress for just one day? Why do women spend all their money on a
Why do these shops not exist? The reason
wedding dress? Many of you have probably
is that it takes a large amount of surface to
wondered about this question. But do you
store all those different dresses. Since every
have an answer? One reason for women to
bride has a different taste and a different
spend so much money on their wedding
size, the dresses will only be rented once
dress could be that they will only marry once
every 4 or 5 years. Furthermore fashion will
(although some might marry twice or not at
change, so a dress that is only worn one time
all)… However, there is only one legitimate
could become old-fashioned with the risk of
excuse for women to buy an expensive
not being rented again. For this reason, the
wedding dress. The reason is that you cannot
shop would have to charge a price that is
rent your wedding dress, since shops where
higher than the purchase price of a new dress.
you can rent wedding dresses are very rare.
Apple vs. Samsung Victory, at least for Apple. After a very long
Among the things that Samsung copied,
nickels using a boatload of trucks.
period of mutual suing, regarding alleged
according to the jury, is the way zooming
patent breaches, a jury in the American city
is done in both tablets and smartphones.
After this victory in the US, Apple’s confidence
of San José declared that Samsung did indeed
Additionally, the black front and icons used
received a new boost and the company intends
applied technology belonging to Apple.
largely resemble Apple’s patents as well.
to continue suing Samsung in other countries. One of these countries is the Netherlands,
And the penalty for copying your competitor?
earlier attempts to sue Samsung here failed.
A whopping 1 billion US dollars. Although this
Additionally, Apple now wishes to add both
is a lot of money, it is not as much as Apple
the popular Galaxy SIII and Galaxy Note to
had hoped for, demanding a sum of over 2
the list of charges.
billion dollars. Shortly afterwards a hoax circulated the internet claiming that Samsung was going to deliver the money in the form of
6
Risk Magazine 09 – 12
Libor In recent months several banks were accused
a panel of major banks comprised of a single
The significance of the Libor rate is the fact
of manipulating the so called Libor interest
question, “At what rate could you borrow
that many financial institutions and products
rate. But what exactly is this Libor and why
funds, were you to do so by asking for and then
are based on it, examples are mortgages and
does it matter that banks have tampered with
accepting inter-bank offers in a reasonable
credit card companies. An estimate $350
it?
market size just prior to 11 am?” The highest
trillion in derivatives and other financial
and lowest four answer are then thrown away
products are tied to the Libor rate. One can
Libor stands for the London Interbank
and the average of the remaining answer is
image the economic difference it can make to
Offered Rate and officially commenced on
the Libor rate for the day.
deliberately alter the rate…
The iPhone 5, which Apple Inc. plans to
quarter. That could help to cushion the U.S.
government’s measure of gross domestic
release by the 12th of September could get
economy from other risks in the final months
product. The bottom line: The new iPhone
credit for something Congress, the White
of the year. J.P. Morgan’s equity analysts
sales could boost GDP by $3.2 billion in the
House and Federal Reserve have struggled to
expect Apple to sell about 8 million iPhone 5
fourth quarter, or $12.8 billion at an annual
do: boost the U.S. economy in a measurable
units in the final three months of the year. If
rate. That is an increase of 0.33 percentage
way. Sales of the new iPhone could add
the phone sells for around $600, with about
point in the annualized rate of GDP growth.
between a quarter and half a percentage point
$200 of it counted as imported components,
to annualized economic growth in the fourth
then $400 per phone would figure into the
the first of January 1986. The rate itself is the average interest rate estimated by top banks in London that they would charge should they lend to other banks. Together with the Euribor it is the primary benchmark for short term interest rates worldwide.
The rates are calculated for ten different currencies and 15 borrowing periods (from one day to one year). It is calculated in the following way. The British Bankers’ Association (BBA) has a daily survey among
The release of the iPhone 5: Dialing up growth
Risk Magazine 09 – 12
7
ABN AMRO as Almost four years ago, while the ING bank received a federal loan, the other Dutch mega-bank ABN AMRO was fully purchased by the state. Wouter Bos, the man responsible for this bold rescue plan of the Dutch economy, has been succeeded by Diederik Samsom who expressed the wish to let the Dutch government keep a majority shareholder position. Written by: Daniël Schippers
On the 23rd of August, former ABN-amro CEO
government should try and break this status-
risk of extending “bad credit” under pressure
Rijkman Groenink responded in an interview
quo.
from the government. This sounds awfully
that the government should make use of this
familiar to the situation in the US prior to
position by forcing the bank to extent more
This advice seems reasonable, but is on
the financial crisis in which Fannie Mae and
credit and loans to small and medium sized
closer scrutiny a little too vague. What does
Freddy Mac extended gratuitous amounts of
businesses. This article will provide a short
Groenink mean with “to extend more credit”?
mortgages.
comment on this remark made by Rijkman
More credit than what? More credit to who?
Groenink. The problems associated with the
And under what conditions should ABN
In reality, the government is merely a
current financial situation will be used to
AMRO extent such loans?
shareholder and the screening of potential
explain that there is little that ABN AMRO
clients is still in the hands of the same
can do, even with pressure from their largest
The problem faced by banks at the moment
people who currently think it is unwise
shareholder: the government.
is, that they are afraid that the economic
to extend credit to many businesses that
conditions might worsen in the future. If
would receive loans under more favorable
The context of Groeninks remark is the fact
the firms to whom credit is extended see
economic circumstances. If they don’t find
that because of the financial and debt crisis,
their profits evaporate, when Greece goes
it responsible to extend credit, what makes
banks are very reluctant to extend loans
bankrupt for instance, banks can say goodbye
and credit to businesses and households.
to their money. This fear might be irrational
“The problem faced by banks at
This situation has persisted
since the fall
in some cases and grounded on valid reasons
the moment, is that they are afraid
of Lehman Brothers and is unlikely to clear
in others. The problem with extending more
that the economic conditions might
in the near future. Groenink stated that the
credit than ABN AMRO does right now is the
worsen in the future.”
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Risk Magazine 09 – 12
a state-owned bank.
“The problems associated with the current financial situation will be used to explain that there is little that ABN-Amro can do” someone else think it is? What people should
AMRO bank (and other banks for that matter)
government promises to pay back the loan
not forget is that the bank is in the hands of
should be so uptight with extending loans as
in case the company has trouble paying its
the government. Why am I repeating that?
they currently are. And hopefully Rijkman
obligations.
Because this means that any losses made by
Groenink simply means that the banks should
the bank are ultimately paid for by the public.
be just a little bit more generous. However,
So all in all, it would be nice if banks were just
Considering the public outrage at bankers in
if
stimulate
a little bit more generous with their provision
general over the course of the last few years,
investment by businesses so badly, they
of credit and loans to companies, but having
people would probably not tolerate more
could simply give a direct loan guarantee. The
the government force ABN AMRO to extend
losses generated by the same banks.
terms of the loan such as collateral, maturity
credit unwisely would be, well, unwise.
the
government
wants
to
and the interest rate are the same as without Obviously this does not mean that the ABN
Risk Magazine 09 – 12
the government guarantee, but instead the
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Islamic Banking: Islamic banking is one of the fastest growing segments of the global financial industry. Over the last years, it has become systematically important in some countries and, in many others, it is too big to be ignored. Written by: Fabrizio Caruso
At present, with over 600 Islamic financial
the Sharia, the moral code and religious law
end of the period and the initial capital outlay
institutions in the world and assets estimated
of the Islam. Its purpose is to foster economic
which was lent.
at over $ 2 trillion, the Islamic financial
and social well-being based on justice.
market has recently turned to be in the
Amongst the governing principles of Islamic
As a matter of fact, Islamic banks act as
spotlight as an alternative way of doing
banks, which differentiate themselves from
investment partners for those who need
banking in a more efficient way. During the
Western ones, are the following principles:
money to do business, becoming part owners
crisis, in contrast to conventional banks,
of the business with profits and losses shared
no Islamic bank has failed or has needed
No interest rate is charged (‘riba’ or interest
in proportion to ownership. This would entail
government recapitalization.
is absolutely prohibited) There is a specific
that the banker should carefully analyze the
religious reason why Islamic banks are barred
feasibility and goodness of the borrower’s
Recently the widely read Arabic newspaper
from accepting specific interest for loans
plan in order not to incur any loss. In case
Asharq Al Awsat has written: “Islamic banks
of money: the interest rate represents time
of losses the banker would lose the money
are untouched by the current crisis due to the
value of money and since time is outside of
he had given and ultimately only the bank
nature of Islamic banking especially that it
the human control, nobody is allowed to exert
would suffer the loss. This unconventional
does not deal in debt trading and distantiates
any power on it by attaching and charging a
way of doing business is rooted in the fact
itself from market speculation that takes
monetary price to something that belongs
that Islamic Sharia does not allow making
place in European and American banks.” And
only to God, otherwise that would be seen as
money from money which would lead to
there are many practitioners stating that the
blasphemy.
greed rather than promote risk sharing and
Islamic banking system should be regarded as
entrepreneurship. On the other side no
a way of doing finance which could help the
So how does an Islamic bank make a profit
interest rate is applied on savings deposits
world get out of the current crisis. To which
out of a loan if interest cannot be applied? By
either since they are remunerated following
extent is it really true?
directly participation in profit and loss. Bank
an equity-like nature as well.
and borrower would share the risk together First of all, what is Islamic banking and
along with the profit or loss deriving from the
Asset-backing
how does it differentiate from conventional
activity. The gain for the bank would be given
primarily done with physical assets backing it.
banking? Islamic banking represents a
by a percentage applied to the difference
While in conventional banking lending can
system of financial activities consistent with
between the value of the investment at the
be done without a physical asset backing the
10
contracts:
financing
Risk Magazine 09 – 12
is
A Real Solution to the Current Financial Crisis? “Islamic finance requires that financial dealings must have a real asset underlying them.”
loan, Islamic finance requires that financial
the buyer to pay the bank in installments. It
a gamble, and gambling is strictly forbidden
dealings must have a real asset underlying
is very similar to our conception of leasing
by Sharia laws. That’s why Islamic banks do
them. For example, an Islamic bank will only
where the lessor is the bank and the lessee is
not trade derivatives or other speculative
invest in business plans backed by actual
the borrower.
instruments, which have been at the core of
assets, such as machinery, automobiles or a
the crisis, since the outcome associated with
business, so the transaction is always tied to a
Risk-minimizing transactions: while major
real asset or service.
violations of risk management principles
them is regarded as absolutely uncertain.
systematically have happened in conventional
Having analyzed the main features of Islamic
Islamic bonds: conventional securities are not
banks before and during the crisis. The
finance which elements of this alternative
allowed since they are interest-bearing and as
Islamic system aims to minimize the risk by
way of doing banking could be helpful in the
Sharia considers money to be a measuring
avoiding making transactions which carry a
sequel to exit from the crisis or better to avoid
tool for value and not an asset in itself. It
high degree of uncertainty. The underlying
any other one in the future?
requires that one should not receive income
reason is that risky transactions are seen as
from money alone. This generation of money from money (simplistically, interest) is “riba”, and is forbidden. Sukuk is the Arabic name for financial securities and it represents partial ownership in a debt, asset, project or investment where the gain is directly linked to the performance of the underlying investment.
A different mortgage method: in an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing
Risk Magazine 09 – 12
11
First of all, let’s analyze the issue of risk-
state of the banks. The profit sharing policy
sharing. If commercial banks were required
definitely reduces risks for banks compared
to share the profits and losses of their
to fixed rate of interest return on investment.
clients, whether in business investments or
avoid future crises in the future.
These are the main technical points our banks could borrow from the Islamic ones if they
mortgages, they would be much more careful
Islamic housing finance involves risk sharing
aim to improve the global financial system.
when choosing which deals to finance. This is
between the bank and the borrower, rather
But, the main Islamic banking teaching stays
because their financial returns would depend
than transferring all the risk to the latter.
the following: financial system should not
on the performance of the projects. Also, the
This policy, if it had been applied by all
be guided by greed and self-aggrandizement
equity-like nature of savings instruments may
banks, would have reduced the burden of the
but it must promote a more social equitable
increase depositors’ incentives to monitor
defaults borne by the public economy and so
and just status in the society. Values like
and discipline banks and that would be an
by people.
honesty, integrity, co-operation are the
important reason for banks not to incur in
pillars of the Islamic finance and they are
speculative high-risk activities as happened
“Islamic housing finance involves
fully respected by Islamic bankers, while we
during the financial crisis.
risk sharing between the bank
cannot say it is the same for Western banks.
and the borrower, rather than
Global finance should go back to the origin
While conventional banks generally have
transferring
and operate according to more stringent
to pay pre-determined rate of interest on
latter.”
all the risk to the
because the current one is mainly “a crisis of
deposits, independently on the state of the economics, Islamic banks enjoy a built-in
Using derivatives is right when it comes for
stabilizer which helps them face economic
hedging purposes but when it is done for
turmoil easier as instead of paying interest to
speculative reasons it can be damaging and
depositors, those with a saving account share
ultimately fuel a crisis, like the current one. If
the banks profits. So investors would receive a
risk-minimizing transactions were adopted,
lower or higher interest rate according to the
as suggested by Islamic finance, we could
12
moral laws in order to avoid any type of crisis,
moral values”.
Risk Magazine 09 – 12
Mazars is ontstaan uit een fusie tussen Mazars en Paardekooper&Hoffman
⎥⎦ W.w e∼k Ψnb ijmΕ zar s.⇔←
Ga verder met Mazars.
Banking “The Panama Way” Across the globe we can find countries with financial institutions such as banks, pension funds, insurance companies etc. As these institutions are generally vital for a country’s economy, strict rules and regulations exist. While most regions do not differ a lot from others, differences do exist. One such country that has its own approach is Panama.
Written by: Daniël Wiersma
Panama’s banking system has long been seen
step would be to open up a bank account on
provided with a court order, information
as a shady one. In the view of most, people
this company’s name. Given the fact that no
about an individual will be given. Therefore,
would go to Panama to avoid taxes in their
one knows who the owner of the company
banking is moving from secrecy to, what
own country by making use of Panama’s
is, the result derived from this action is that
Panamanian bankers call, confidentiality. It
banking secrecy. The second common opinion
the owner of the account, and therefore the
is also rumored that the Bearer Share system
was that of a country where large scale money
money, is unknown as well.
will be frozen entirely in the upcoming year.
through various ways. Firstly, there is the law
As of recent years, however, the above way
“Nowadays no new Bearer Share
that penalizes any bank or banker that reveals
of doing business has gradually disappeared.
companies can be founded and
any information regarding their clients.
Panama’s
hardly any bank is willing anymore
Secondly, a construction known as Bearer
involved in world trade, mainly with the US,
Shares made tracing money neigh impossible.
has forced them into a more transparent
This construction is set up in the following
way of banking and doing business. In
So how do they differ from the rest of
way. A person or a company that wishes to
order to get off the OECD’s black and gray
the world? First of all, compared to most
remain anonymous can contact a lawyer in
list Panama signed various tax treaties with
countries, Panama’s banking system is
Panama to set up a company comprised of
other countries. Furthermore, they also
extremely conservative, taking little to no
Bearer Shares. These shares have no listing
started moving away from their Bearer Share
risks. This is due to the fact that the country
whatsoever of who owns them. Additionally,
system and banking secrecy. Nowadays no
knows no central banking system like the
after they had been sold for the first time,
new Bearer Share companies can be founded
rest of us does, which is, at least in part,
not even the lawyer that first helped to set
and hardly any bank is willing anymore to
a result of Panama’s dollarized economy.
it up knows who the owners are. The next
open an account to one. In addition, when
Having no currency of their own, there is
laundering occurs. This was made possible
14
intention
of
becoming
more
to open an account to one.”
Risk Magazine 09 – 12
“This superintendent knows no failsafe mechanisms such as last resort loans or deposit insurances.” no need for a central bank to print money
required) respectively and think twice about
As a result, it hardly ever comes to pass that a
or issue a monetary policy. Replacing the
taking unnecessary risks. One example is the
bank is nearing bankruptcy, despite the crises
supervisory role over the country’s banking
extreme building rate of real estate in Panama
of the last years.
system is the ‘Superintendencia de Bancos
City. One would think that this imposes a
de Panama’. This superintendent knows
huge risk for banks, however, reality shows
Secondly, Panama’s banking system is made
no failsafe mechanisms such as last resort
us that this is not the case. When asked about
up of different types of licenses. Each type of
loans or deposit insurances. Essentially, this
this directly bankers stated that they would
license allows for different types of business
means that should a bank go bankrupt, it
only lend up to a maximum of 60% of the
to be conducted.
will not be saved and people who have any
required amount and they would only do so
money stored in this bank are in bad luck.
when a minimum amount of the new project
The first license is the broadest of the three
Apart from a maximum of US$ 10,000 each,
had been sold beforehand. Nonetheless,
available licenses. The General License allows
gained from selling the bank’s assets, they
banks are not the only ones taking action
the licensee to engage in the banking business
will not receive anything. As a result, banks
because of this system. The superintendent
within the Republic of Panama, as well as
have an average liquidity and capital ratio
itself is very thorough in keeping an eye on its
to carry out transactions that are perfected,
of 65% and 15,1% (where 30% and 8% are
country’s banks and is known to be very strict.
consummated or have their desired effect outside the territory of Panama and to carry out whatever other activities that may be authorized by the Superintendencia de Bancos de Panama. Banks with a General License can transfer deposits between themselves freely and can accept deposits from banks with an international license.
The second license is the International License, this license allow the banks to engage, from an office established within Panama, in transactions that are perfected, consummated or have their desired effect outside the territory of Panama and carry out whatever other activities that may be authorized by the Risk Magazine 09 – 12
15
Superintendencia de Bancos de Panama. This
other activities that may be authorized by
This might be tough to answer. Although it
license allows for offshore banking and only
the Superintendencia de Bancos de Panama.
appears to be a nice way of keeping your banks
enables the bank to conduct its activities with
The banks must have the permission of the
stable, it also generates less wealth. Compare
offshore entities although the bank itself is in
banking authorities from their home country.
the balance sheets of large Panamanian banks
Panama. Banks with an International License
The license gives banks the right to have
with a large American or European bank and
are not paying Panamanian taxes and are not
contact with their customers everywhere.
this quickly becomes clear.
subject to liquidity ratios and legal reserves
However, the banks are not allowed to do
requirements. The main difference with a
the banking business itself. Once the license
Information presented in this article is a
General License is that they are not restricted
is issued, the bank is allowed to engage in
result of research and interviews conducted
in doing business, except for doing business
representation activities through a branch or
in Panama by Aniek Nijhuis and Daniël
with Panamanian Corporations, Panamanian
a wholly owned subsidiary.
Wiersma on behalf of the Dutch Embassy in Panama City during the Risk International
Foundations and Panamanian residents or citizens.
As
the
differences
interesting
questions
have arise.
become Should
clear the
The final license is the Representation
Panamanian way of banking and regulating
License. The Representation License allows
be adapted in the rest of the world? Could this
foreign banks to establish a representation
be a way to prevent banks from taking risks
office in Panama and carry out whatever
and cause us to plummet into a recession?
16
Financial Program 2011-2012.
Risk Magazine 09 – 12
At NIBC, entrepreneurial bankers start at the deep end As a trainee banker at NIBC, you also have a daily job. Your assignments and responsibilities start from day one. And you’ll have the chance to specialise, in for example mergers and acquisitions. You and your fellow analysts will follow our incompany training programme at the Amsterdam Institute of Finance, led by professors from international business schools. A flying start at the bank that thinks and acts like entrepreneurs. For more information, visit www.careeratnibc.com.
Wouter Joustra
Chairman Risk Board 2012-2013
Column Banking, an industry out of control or an ethical profession? The words banking, ethics and morality are
We should be able to rely on the fact that
involved and ethical financial advisors. To
rarely found in the same sentence. There is
people should behave ethically and morally.
help clients and communities achieve their
no doubt that the last two words can often
In an ideal world this might be reality, but
financial goals, bankers must have strong
be used in conjunction but add in the first
none of us live there. There will always be a
character based on integrity and honesty.
and it pretty much excludes any practical
rogue element in society that will break laws.
Such character leads them to routinely make
application.
Banking is no different. Banks are gladiatorial
the right decisions and provide financial
in the way that they transact their business.
advice in the best interest of others.
Recent economic events have reduced the
They are gladiatorial both internally as
confidence that individuals, families and
employees compete for attention and glory,
It is a slow process to change a culture. It
businesses once had in the banking industry.
and equally gladiatorial in the marketplace
will depend on whether companies consider
The culture at banks has once more been
where for every winner there is a loser.
sustainable business success worth the effort. But is changing company culture enough to
called into question. Arrogance,
conflicts
of
interest,
greed,
change an industry? Or should we start in a different place?
Some say that the banking culture is corrupt;
unethical behavior, lack of transparency,
huge numbers of IT professionals and lawyers
failed leadership, and no accountability are
are employed to bend the rules as far as they
the exact opposites of a model for sustainable
Should “Business Ethics” and “Responsible
can without breaking the law. Everyone
business success. Companies on Wall Street
Finance and Investing” (currently both
is encouraged to compete, there is a huge
have a higher burden of proof in the business
elective courses) need to become compulsory
pressure to succeed and an overpowering
of restoring trust. It gets to the heart of what a
courses for the Master Finance students at
fear of failure. Everyone is competing for
company really stands for. For example when
the RUG?
the same business, the profuse parties will
addressing business strategy; will ethical
continue and the rest will continue to wonder
liability be put on the table for discussion
how the system can continue to resist change
along with legal liability?
as long as it does. What chance do ethics and morality have? Risk Magazine 09 – 12
Bankers must now recommit to serving as
19
Column
Dra. A. Smeenge RA
Enige beschouwingen over het bankwezen Volgens artikel 1 van de Bankwet 1948 is de
3), waarbij wij de meeste aandacht zullen
eminente algemeen economist met zeer
voornaamste taak van De Nederlandsche
besteden aan Duisenberg , die na zijn opleiding
uitzonderlijke expertise op het vakgebied
Bank (hierna aangeduid met DNB) het zoveel
in het middelbaar onderwijs in Heerenveen
monetaire economie. Hij speelde een zeer
mogelijk stabiliseren van de waarde van de
economie heeft gestudeerd aan de Faculteit
vooraanstaande rol binnen de ARP (parade
gulden We kunnen ons afvragen in hoeverre
der Economische Wetenschappen van de
der mannenbroeders, en de Vrije Universiteit
de overgang naar de Euro hier inbreuk op
Rijksuniversiteit te Groningen.
in navolging van Abraham Kuyper getypeerd
heeft gemaakt. Naar de opvatting van de
als Üniversiteit der kleine Luyden”.
schrijver van dit artikel hebben wij de gulden
Paragraaf 1. Jelle Zijlstra.
ongeveer 10% te goedkoop omgeruild tegen
Zijlstra is hoogleraar geweest in de algemene
Paragraaf 2. Wim Duisenberg.
de Euro, waarvan wij ons terdege bewust
economie aan de Vrije Universiteit te
Na zijn doctoraal examen met als hoofdvak
dienen te zijn.
Amsterdam. Hij was lid van de Anti-
Algemene
Revolutionaire Partij (ARP) en heeft als
wetenschappelijk
In dit artikel zal ik aandacht besteden aan
President van de Nederlandse Bank een rol
vakgroep Monetaire Economie, die onder
enkele personen die in hun functie als
van eminente betekenis gehad. Gekscherend
leiding stond van Prof. Dr. F.J. de Jong.
President van de Nederlandse Bank grote,
kunnen we stellen dat hij ook onderwerp was
Genoemde
om niet te zeggen een prominente, rol hebben
van een Oudejaasconference van Wim Kan
geworden door het standaardwerk “De
vervuld.
die een lied bracht onder de veelzeggende
Werking van een Volkshuishouding” deel
titel: “Waar we heengaan, Jelle zal wel zien,
1 en 2 en door een dubbelnummer van het
die weet het wel misschien”.
tijdschrift “De Economist”, uitgegeven door
Achtereenvolgens besteden wij aandacht aan
20
De
werd
Duisenberg
medewerker
Jong
is
vooral
in
de
bekend
uitgeversmaatschappij De Erven F. Bohn te
Jelle Zijlstra (paragraaf 1), Wim Duisenberg (paragraaf 2) en Nout Wellink (paragraaf
Economie
Zijlstra kan worden getypeerd als een
Haarlem, getiteld “Dimensieanalyse in de Risk Magazine 09 – 12
“Naar de opvatting van de schrijver van dit artikel hebben wij de gulden ongeveer 10% te goedkoop omgeruild tegen de Euro”
Paragraaf 4. Enige toekomstverken-
Economie”. Voorts stond hij bekend als een
opzicht,
uitmuntend didacticus.
wetenschap en als bankier.
ningen.
Paragraaf 3. Nout Wellink.
In verband met de ernstige financiële crisis
onder
Het zal geen verbazing wekken dat ook
in Europa, en de discussies over het al dan
hoogleraar F.J. de Jong, promoveerde op
Wellink economie gestudeerd heeft met als
niet continueren van de Euro, respectievelijk
een proefschrift over Economische gevolgen
specialisatie monetaire economie. De laatste
of
van ontwapening. Daarna ging het snel
paar jaren van zijn fungeren als President
steun moet blijven geven aan landen als
met zijn maatschappelijke ontwikkeling en
van de Nederlandsche Bank heeft hij aan
Griekenland, Spanje, Portugal en Italië
politieke carrière, blijkend uit resp. zijn
kritiek blootgestaan, met name omtrent
behoeft het geen toelichting, dat het Europa
functie als hoogleraar aan de Universiteit
het tekortschieten van het toezicht op de
van de gemeenschap zich in een moeilijke
van Amsterdam en zijn optreden als zeer
banken, en wel in het bijzonder op het veel te
periode bevindt. Hopelijk zullen de landen
jonge Minister van Financien” in het kabinet-
laat ingrijpen bij de DSB-bank (Scheringa),
in de Europese gemeenschap er in slagen de
Den Uyl. Vervolgens fungeerde hij als vice-
hetgeen tot gevolg had dat genoemde bank
problemen slagvaardig en deskundig aan te
president van de Rabobank. Hierna werd
eindigde in haar bestaan.
pakken.
Bank, en vervolgens als klapstuk op zijn
Volgens voorschriften van DNB moet iedere
Over de auteur:
bancaire carrière President van de Europese
bank maandelijks een aantal staten inleveren
Drs. A. Smeenge RA was vanaf 1 september
Centrale Bank, kantoor-houdend te Frankfurt.
bij DNB; als het controle-apparaat van DNB
1987
Bij het 25-jarig bestaan van de Faculteit
adequaat haar taak had uitgeoefend was
universitair
der
der
men er zeer snel achtergekonmen dat er bij
Faculteit Bedrijfskunde en vervolgens vanaf
Rijkuniversiteit Groningen in 1973 was
DSB-bank zaken totaal uit de hand liepen.
1 september 2007 tot aan zijn pensioen per
Duisenberg een prominente gast en spreker.
In een lezing door (hoe kan het ook anders)
1 september 2009 als universitair docent
Hij betoogde toen o.a. dat “much has
de directeur van SOBI (Stichting Onderzoek
aan de gefuseerde Faculeit der Economie
happened to the Faculty, and much has
BedrijfsInformatie), de econometrist Dr.
en Bedrijfskunde (of Faculty of Economics
happened to me”. In het Duisenberg gebouw
Pieter Tijmen Lakeman werd uitgelegd, dat de
and Business) aan de Rijksuniversiteit
is ruim voldoende informatie beschikbaar ten
Nederlandse Bank in haar toezichthoudende
Groningen.
adstructie van de betekenis van Duisenberg,
functie ten aanzien van DSB ernstig is
zowel in nationaal als in internationaal
tekortgeschoten.
Duisenberg
was
wetenschappelijk
zoals
genoemd
medewerker
en
zowel
als
beoefenaar
der
het
merendeel
van
de
Eurolanden
Duisenberg Presisent van de Nederlandsche
Economische
Wetenschappen
Risk Magazine 09 – 12
tot
aan
1
docent
september verbonden
2007
als
aan
de
21
Coverinterview Lieke Pelle The first magazine of this year has Lieke Pelle adorning the cover. Lieke is a fifth year Accountancy and Controlling student and has done several comittees within Risk.
Lieke, could you briefly introduce
currently a fifth year student in Groningen.
During my first year I became acquainted
yourself?
Last year I followed the courses of the
with Risk. A year later some fellow students
My name is Lieke Pelle, I’m 22 years old and
master Accountancy and this year I would
of mine organized the Accountancy Week and
like to participate in the courses of the
I decided to participate. I enjoyed this week so
Controlling specialization. I hope to finish
much that I wanted to organize it myself and
both specializations with a combined thesis
this is how I got involved with committees.
in February.
During my time in these committees I especially learned a lot about working with
What did you do within Risk?
others. It is up to the group to put down
I did several committees within Risk, the
an event as good as possible. Contact with
first being the Accountancy Tour committee
different companies taught me how to
in 2011. After finishing this committee I
approach them in the first place and how to
wanted to do another one and applied for
remain in contact with them. Additionally,
the Accountancy Week committee. During
during the IFP I was able to learn a lot about
this project the Risk International Financial
conducting research and doing interviews. All
Program came to my attention and I decided
these experiences are sure to prove useful in
to participate in the IFP as a member/
the future!
researcher.
Why did you decide to study
22
Why did you decide to become
Accountancy and what did you
active at Risk and what did you
learn so far?
learn?
Accountancy has always interested me. Risk Magazine 09 – 12
Regardless, during my first year I decided to
What is your vision on banks and
has to be taken to a higher level. The only
follow a study in Economics in order to have
banking?
way to restore internal trust between banks
a broader range of choices. Every year Risk
Banks and banking is not a subject that I’m
in Europe, is to give every bank the same
organizes the event ‘Eén Dag Accountant
really connected to, however, I do hear a lot
requirements. Let’s hope that European
en Controller’ (One Day Accountant and
about it on the news. Currently there are a
supervision does not take too long to organize.
Controller), where you get to taste the
lot of things going on with regards to banks.
Accountancy and Controlling profession.
There is no internal trust and a lot of banks
What advice would you like to
After participating in this day it became clear
are in trouble. To what extent are countries
give your successor?
to me that I wanted to study Accountancy.
and banks able and should they take care of
Don’t wait to make things concrete or to
Up until now I can honestly say that this
their own problems? I am very curious which
execute it, this will save you a lot of stress at
has been a good choice. The courses are very
banks will still be around in a few years and
the end. It goes without saying that you need
interesting, especially in the Master phase
how these banks are doing.
to enjoy it, a committee is a lot of fun to do!
where all of the courses of the Bachelor phase
What
come together.
do
you
expect
for
the
future? Does anything need to be What
will
you
do
when
you
changed?
graduate?
It is clear that something has to be done in
In February I aim to do a thesis internship.
order to prevent banks from going even
Once I’m graduated I hope to get a job in
further towards a dead end. The idea of
September and start with my post-master.
European supervision on banks, a banking
I would like to work a few years within the
union, is a good one in my opinion. Should
accountancy profession.
national supervision prove insufficient, it
Risk Magazine 09 – 12
23
© 2012: Ernst & Young Nederland LLP. All Rights Reserved.
Geen Barcelona. Geen Madrid. Geen New York. Wel aan de top geweest. Een echte, intensieve kennismaking. Met onze professionals. Met onze klanten. En met onze manier van werken. Schrijf je nu in voor de EY Xperience Accountancy en Advisory 2012. Van 14 t/m 17 november. Kijk op ey.nl/EYXperience.
EY Xperience. De beste business course. Gewoon in Nederland.
Verenigingsnieuws
Finance Event 2012
Risk Magazine 09 – 12
Verenigingsnieuws
25
Preview Beleggersavonden “Beleggen in stormachtige tijden” 2011 was een bewogen beursjaar. Het jaar
ooit. Er kwamen strengere regels voor het
de avonden worden afgesloten met een
wat begon met veel optimisme over het
begrotingsbeleid. We zijn nu halverwege het
gezellige borrel. Dit is de gelegenheid om
groeipotentieel van de markten.Uiteindelijk
jaar en het optimisme ebt weg, de koersen
met je medestudenten en sprekers verder te
draaide het echter uit op een AEX die in
dalen, de gehoopte economische groei blijft
discussiëren over jouw visie en de besproken
zeven maanden 100 punten daalde, onder
uit en de beursgang van Facebook draaide uit
onderwerpen.
meer als gevolg van onzekerheden over
op een fiasco. De onzekerheid is weer terug.
de Zuid-Europese landen. Het is duidelijk
De Risk Beleggersavonden zullen aftrappen
geworden dat staatsobligaties niet meer
Tijdens
Beleggersavonden
op maandag 8 oktober om 19:30 met als
kunnen worden gezien als risk-free. Aan het
van dit jaar komen sprekers hun kennis
spreker Joost van Kuppenveld, Eindredacteur
eind van 2011 was de rust enigszins weer
delen en hun visie geven op de meest
bij Beleggen.nl. De tweede Beleggersavond
teruggekeerd. Het EFSF is vormgegeven, de
uiteenlopende onderwerpen. Door sprekers
van het jaar zal plaatsvinden op maandag 29
AEX stond weer boven de 300 punten. Het
met
en
oktober om 19.30 in het Heerenhuis met als
jaar 2012 begon met een optimistische trend.
kennisgebieden uit te nodigen proberen wij
spreker Cor Wijtvliet, Expert Author bij Crash
Facebook kondigde zijn beursgang aan, dit
de studenten een zo breed mogelijk beeld
Investor.
werd hiermee de twee na grootste beursgang
te geven van beleggen.Ook dit jaar zullen
26
Verenigingsnieuws
de
vijf
Risk
verschillende
perspectieven
Risk Magazine 09– 12
Preview Accountancy Week Dit jaar zal de Risk Accountancy Week
kennis maken met de kantoren. De cases
carrière mogelijkheden. Dus geef je snel
plaatsvinden van maandag 1 oktober tot en
zijn dit jaar met de deelnemende bedrijven
op via www.riskaccountancyweek.nl. Heb
met woensdag 3 oktober. Samen met een groep
afgestemd. Dit betekent dat er dit jaar meer
je jezelf opgegeven, houd dan ook alvast
van 25 Accountancy & Controlling studenten
diversiteit in de cases zit en dat de cases stof
donderdagavond 27 september vrij voor een
zullen we op zondag 30 september vertrekken
behandelen uit de master. Uiteraard wel op
gezellige kennismakingsactiviteit.
naar de Randstad waar we zullen verblijven
een toegankelijke manier. Daarnaast is er
in het Rho Hotel. In Amsterdam aangekomen
ook volop gelegenheid om de deelnemende
Wij hebben er erg veel zin in, en hopen
zullen we een bezoek brengen aan de
bedrijven op een informele wijze te leren
kennis met je te maken tijdens deze mooie
volgende bedrijven: Deloitte, KPMG, PwC,
kennen.
activiteiten!
Ernst & Young, Mazars en De Nederlandsche Bank. Door middel van een case, die door
Kortom,
de bedrijven worden voorgelegd, of op een
een uitstekende kans om contacten op te
andere interactieve wijze zullen de studenten
doen voor eventuele afstudeerstages en
Risk Magazine 09 – 12
de
Accountancy
Week
biedt
De Accountancy Week Commissie
Verenigingsnieuws
27
Preview Multinational Cycle Ook dit jaar zal de Multinational Cycle met
groepen. Daarnaast is er gelegenheid het
een groep van 25 studenten afreizen naar
kantoor eens van de binnenkant te bekijken.
de Randstad om daar bedrijfsbezoeken af
Hierdoor krijgen de studenten een beter
te leggen. Dit jaar zal Den Haag worden
inzicht in het reilen en zeilen binnen een
aangedaan op 8, 9 en 10 oktober. De groep zal
bedrijf.
drie nachten lang geheel verzorgd in een hotel in de Randstad verblijven om van daaruit
Om de studenten ook op een andere manier
elke dag kennis te maken met verschillende
te leren kennen, zullen de deelnemende
multinationals. Dit jaar zullen KPN, PostNL,
bedrijven
Achmea, Philips en Ahold worden bezocht.
verschillende lunches, diners en borrels
Elk bedrijf krijgt een dagdeel de kans om
aanbieden. Kortom, de Risk Multinational
zich aan de deelnemers te presenteren.
Cycle is de ideale manier om een kijkje achter
Tijdens de bezoeken krijgen de studenten
de schermen te nemen bij de deelnemende
de mogelijkheid om op zowel formele als
bedrijven en de sfeer te proeven.
ons
ook
deze
keer
weer
informele wijze kennis te maken met de deelnemende bedrijven.
Schrijf je dan ook vóór 1 oktober in, want het aantal plaatsen is beperkt!
Het doel van de OMC is om de enthousiaste groep studenten kennis te laten maken met de praktijk door middel van bijvoorbeeld cases, die van financiële aard zijn. De cases zullen uitgewerkt en / of gepresenteerd worden in
28
Verenigingsnieuws
Risk Magazine 09– 12
Preview Risk Symposia In the 4th week of the academic year the first
course ‘Research Methods in Finance’.
relation between accountant, controller and
Career Week of the RuG will take place. In this
Moreover, participating in the Risk Finance
fiscal advisor
Career Week Risk organises three symposia
and IFM Symposium gives you the ability to
which will all take place at Zernike at Tuesday
show your potential at one of the interactive
O&MC Symposium
September 25. The following three symposia
workshops and the informal social after the
The Organizational & Management Control
will take place:
event.
(O&MC) Symposium will be held on Tuesday the 25th of September. This Symposium
ACFE Symposium
aims to provide students with a better
The ACFE Symposium will take place on
understanding about the possibilities in
Economics (ACFE) Symposium
September 25, 2012. The symposium aims
business life once they are graduated with
3. O&MC Symposium
to enable the student to come in contact with
a degree in Organizational & Management
a topical issue that affects the profession of
Control. The O&MC Symposium is open for
Finance & IFM Symposium
accountant, controller or fiscal economist.
Master students in O&MC only.
As an ambitious student, you might wonder
In addition, this symposium offers students
what the future holds after your graduation.
the opportunity to orient themselves in the
The symposia will end with a network /
The Risk Finance and IFM Symposium
labor market during the afternoon through
alumni drink where everyone of the faculty
2012 will give you the opportunity to gain
workshops with potential employers. The
will be present. For more information, see
insights on how you can practice your gained
ACFE Symposium is open to all bachelor
www.verenigingrisk.nl.
knowledge and expertise in the future by
and
meeting professionals from diverse fields
/ or Controlling and also for the master
within the finance and IFM area. The theme
fiscal economics students. The theme of
this year’s symposium is aligned with the
the symposium is Risk Management; The
1. Finance & IFM Symposium 2.
Accountancy,
Controlling
Risk Magazine 09 – 12
&
Fiscal
master
students
Accountancy
and
Verenigingsnieuws
29
Agenda Calendar September 2012 25
Finance & IFM Symposium
O&MC Symposium
ACFE Symposium
Risk Accountancy Dinner
October 2012
30
Verenigingsnieuws
1-3
Accountancy Week
4
Finance Society Social
8
Risk Investor Evening 1
8-10
Risk Multinational Cycle
15
Risk Investment Team
15
Active Members Presentation
18
IFM Society Social
22
Risk semi-annual general meeting
29
Risk Investor Evening 2
Risk Magazine 09– 12
© 2012 KPMG N.V., alle rechten voorbehouden.
120 UUR MADRID: DE KPMG MADRID BUSINESS EXPERIENCE 21 T/M 25 NOVEMBER 2012. SCHRIJF JE IN VÓÓR 1 OKTOBER OP WWW.GAAAN.NU/120UURMADRID
www.werkenbijpwc.nl
Soms wil je alleen de sfeer proeven Soms wil je het onderste uit de kan In Barcelona voel je het bruisen. Van de Sagrada Familia tot Parc Güell; er hangt iets moois in de lucht. De stad is continu in ontwikkeling en daarmee is het de aangewezen plek voor zowel een prettige als pittige business course. Heb jij de ambitie om jezelf verder te ontwikkelen én wil je PwC en je toekomstige collega’s leren kennen? Schrijf je dan in vóór 7 oktober 2012.
Kom verder met de Audit Course Barcelona
Wanneer, wie en hoe? Van 22 tot en met 25 november 2012 3e- en 4e- jaars studenten met ambities binnen Accountancy Meld je vóór 7 oktober 2012 aan op werkenbijpwc.nl/auditcoursebarcelona
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