Contents of legislation on public finance supervision analyzed

Successful seminar entities and Cft

Various officials and employees of organizations involved with public finance had the opportunity to analyze the contents of the current and future legislation on financial supervision on public finance, during a seminar held on Wednesday March 3rd. 

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During the seminar several experts explained extensively how the current supervision as it is laid down in the Decree on Temporary supervision Netherlands Antilles, Curaçao and Sint Maarten, works in practice. Furthermore, light was shed on the draft consensus Kingdom Law on financial supervision for Curaçao and Sint Maarten, which will be applicable in the period after the dismantling of the Netherlands Antilles.

The Board of financial supervision (College financieel toezicht – Cft) organized this seminar in conjunction with the Central Government, Curaçao and Sint Maarten. Speakers were amongst others the lawyers Theo Caris of the Directorate Legislation and Legal Affairs and Virgil Matroos of Cft. Other speakers were the advisors of the Central government Etiënne Ys and Alberto Romero, member of the Board upon proposal of the Netherlands Antilles.

Part of the program was a panel discussion with interim director of the Netherlands Antilles (José Jardim), head of Finance Curaçao (Ivan Kuster), director of the department on Means of Sint Maarten (Hiro Shigemoto), president of the Board of financial supervision Hans Weitenberg and Ernst Noorman, deputy director Kingdom Affairs and one of the advisors of State Secretary Ank Bijleveld. Responsible for the presentation of the implementation plans on financial management Netherlands Antilles, Curaçao and Sint Maarten were Giovanni Roozendal, policy advisor for the Central Government, Ivan Kuster for Curaçao and Bas Roorda, head Finance of Sint Maarten. At the end of the day there was ample opportunity for discussions with various stakeholders, such as the SOAB, USONA and the National Audit Office.

Debt settlement

During the seminar debt settlement was often the topic of discussion. The general opinion is that the debt settlement is basically a basic condition for the necessary improvements in public finance, and not an incentive. The precise execution of the debt settlement, the reassignment of both debts and debt titles and the norm on interest burden were dealt with. But also the question whether the political developments in the Netherlands will have consequences of the debt settlement was extensively discussed.

In general the participants agreed that the cooperation and communication with Cft and with each other is good, and that this is very important in order to reach good results.

The Board of financial supervision looks back on a successful seminar.