Nout Wellink

Nout Wellink
Born	Arnout Henricus Elisabeth Maria Wellink (1943-08-27) August 27, 1943 Bredevoort, Netherlands
Occupation(s)	Economist, central banker
Years active	1970–present
Known for	President of De Nederlandsche Bank (1997–2011); Chairman of Basel Committee on Banking Supervision (2006–2011)

Arnout Henricus Elisabeth Maria "Nout" Wellink (born 27 August 1943) is a Dutch economist and former central banker.

In 2010, Financial News recognized Wellink as a prominent figure in international financial regulation, highlighting his influential proposals regarding banks' capital requirements and liquidity standards worldwide. He held the position of president at De Nederlandsche Bank (DNB) and was a director at the Bank for International Settlements (BIS) from 1997 until 2012, serving as chairman between 2002 and 2006. Additionally, Wellink was part of the European Central Bank Governing Council from 1999 to 2012, acted as governor for the International Monetary Fund (IMF), and participated in the Financial Stability Board (FSB). Since October 2012, he has been a board member of the Bank of China.

Early life

Wellink was born in Bredevoort and pursued legal studies at Leiden University from 1961 to 1968. He later obtained a doctorate in economics from Erasmus University Rotterdam in 1975.

Career

Between 1970 and 1982, Wellink progressed through roles at the Dutch Ministry of Finance, ultimately becoming director general of financial and economic policy as well as treasurer general.

He joined De Nederlandsche Bank in 1982 as executive director and was elevated to president in 1997, a role he held until July 2011. In 2000, he became a member of the Trilateral Commission.

During his leadership, Wellink faced scrutiny over regulatory shortcomings related to several banking crises in the Netherlands:

1. The 2008 failure of Icelandic bank Landsbanki, which had been granted a Dutch banking license despite regulatory reservations; the bank was subsequently nationalized by Iceland.
2. The downfall of DSB in 2009, which DNB had authorized in 2005 despite persistent concerns about risk management; this collapse exposed weaknesses in supervisory oversight.
3. The approval by DNB of the acquisition of major Dutch bank ABN Amro by Fortis, Banco Santander, and RBS in 2007; following the global credit crisis, Fortis and ABN Amro required government intervention through nationalization, leading to parliamentary criticism.

Basel Committee

Between 2006 and 2011, Wellink served as the chairman of the Basel Committee on Banking Supervision (BCBS), the entity responsible for formulating international banking regulations. He highlighted that "a robust banking system is fundamental to stable financial markets and economic growth," urging regulatory authorities to incorporate insights gained from previous financial crises to enhance the system's resilience against future disturbances.

Selected works

Wellink's body of work encompasses books and scholarly articles centered on banking and financial stability, including:

• Beyond the crisis: the Basel Committee’s strategic response (2009)
• President's speech (2005)
• The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank (2002), co-authored with Bryan Chapple and Philipp Maier
• Jonge wijn in oude zakken : op weg naar een nieuwe Nieuwe economie (2001)
• Overheidsfinanciën (1978), written with Lenze Koopmans

Honours

• Commander rank in the Order of Orange-Nassau
• Knight designation in the Order of the Netherlands Lion
• Honorary doctorate awarded by the University of Tilburg

References

• This article includes content derived from the Dutch Wikipedia entry Nout Wellink.

External links

• Interview featured in De Groene Amsterdammer, 2003