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Confidential Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac seminar Vienna, 23 April 2015 1
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Page 1: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Con

fiden

tialRec

over

y P

lann

ing

The

Dut

ch e

xper

ienc

e

Em

mel

ine

van

Heu

kele

m, W

orld

Ban

k/F

inS

acse

min

ar V

ienn

a, 2

3 A

pril

2015

1

Page 2: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

The

Net

herla

nds

had

its'fa

ir sh

are'

of t

he

finan

cial

cris

is …

Sep

tem

ber

2008

Lehm

an fa

ilure

Take

ove

r D

utch

par

tsF

ortis

/AB

N A

MR

O (

EU

R 1

7 bn

)

Oct

ober

–N

ovem

ber

2008

EU

R 1

0 bn

capi

tali

njec

tion

ING

Gro

up

Cap

itali

njec

tion

SN

S R

EA

AL

+ A

EG

ON

Bac

k-up

faci

lity

ING

’sA

lt-A

port

folio

Janu

ary

2009

2

DS

B

and

mor

e …

.

Page 3: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Sup

port

dur

ing

cris

is a

s %

GD

P

…le

adin

gto

heav

y re

lianc

eon

go

vern

men

tsup

port

3

Page 4: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Rat

iona

le fo

r in

tens

ified

sup

ervi

sion

(f

igur

es 2

008-

2012

)

Page 5: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

5

How

tocl

imb

back

upw

ards

?

Page 6: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Tak

ing

a po

sitiv

epe

rspe

ctiv

e

Wha

tles

sons

can

we

draw

from

thes

e fa

ilure

s?

Par

t 1: L

esso

nsfr

omS

NS

RE

AA

L (c

ase

stud

y)

Par

t 2: D

NB

rec

over

y pl

anni

ng fr

amew

ork

6

Page 7: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Con

fiden

tialPar

t 1: S

NS

RE

AA

L C

ase

stud

y

7

Page 8: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

SN

S R

EA

AL

Dut

ch G

over

nmen

t nat

iona

lizes

S

NS

Rea

al

Maj

or e

vent

bec

ause

:•

Firs

t use

of n

ew In

terv

entio

n A

ct•

100%

writ

e of

f of s

hare

hold

ers

and

'bai

l-in'

of s

ubor

dina

ted

debt

ho

lder

s th

roug

h ex

prop

riatio

n•

Cap

ital i

njec

tion

usin

g ta

xpay

er’s

mon

ey

•C

osts

are

par

tly a

ttrib

uted

to th

e ba

nkin

g se

ctor

thro

ugh

a on

e-of

f ex

-pos

t res

olut

ion

tax

8

Page 9: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Abo

ut S

NS

Rea

al

SN

S R

eaal

is d

esig

nate

d as

sys

tem

ical

ly

impo

rtan

t for

the

Dut

ch e

cono

my

(D-S

IB)

•4th

larg

est D

utch

ban

k •

EU

R 3

5 bl

nD

GS

cov

ered

dep

osits

•~

7,5

% o

f tot

al D

utch

DG

S c

ov. d

epos

its

•T

otal

bal

ance

she

et:

EU

R 8

2 bl

n

•R

eaal

is th

e 3rd

larg

est l

ife in

sure

r an

d 5th

larg

est n

on-li

fe in

sure

r

In 2

006,

SN

S a

cqui

res

‘Bou

wfo

nds

Pro

pert

y F

inan

ce’ f

rom

AB

N A

mro

•C

once

ntra

ted

port

folio

of c

omm

erci

al re

al

esta

te lo

ans

(10-

15%

of b

alan

ce s

heet

)•

Por

tfolio

siz

e: E

UR

8.5

bln

(Jun

e 20

12)

In 2

008,

SN

S R

eaal

rece

ived

a E

UR

750

m

ln c

apita

l inj

ectio

n fr

om th

e S

tate

9

Page 10: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Man

yop

tions

exp

lore

d

•M

any

priv

ate,

pub

lic/p

rivat

e an

dpu

blic

sol

utio

nsw

ere

expl

ored

but

coul

dno

tbe

impl

emen

ted

due

to•

Inte

rcon

nect

edne

ss(b

oth

finan

cial

and

oper

atio

nal)

with

inth

e gr

oup

•La

ckof

pos

itive

econ

omic

valu

ean

dpr

ivat

e bu

yers

•C

ompe

titio

nis

sues

•F

inan

cial

sta

bilit

yco

ncer

ns

•N

atio

naliz

atio

nas

ulti

mum

rem

ediu

m

10

Page 11: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Rec

apita

lizat

ion

Loss

es o

n P

rope

rty

Fin

ance

Pro

pert

y F

inan

ce lo

an p

ortfo

lio tr

ansf

erre

d to

bad

ban

k

Rec

apita

lizat

ion

of S

NS

Rea

al•

Exp

ropr

iatio

n of

sha

res

and

subo

rdin

ated

deb

t hol

ders

(le

adin

g to

cap

ital r

elie

f)

•D

irect

cap

ital i

njec

tion

•C

apita

l inj

ectio

n fo

r ba

d ba

nk•

Gua

rant

ee fo

r ba

d ba

nk

•T

empo

rary

liqu

idity

sup

port

for

hold

ing

Larg

e am

ount

of p

ublic

mon

ey n

eede

d fo

r na

tiona

liza

tion

•In

terv

entio

n po

wer

s cu

rren

tly n

ot s

uppo

rted

by

a re

solu

tion

fund

•E

xpro

pria

tion

not a

pplie

d to

sen

ior

debt

•G

over

nmen

t has

levi

ed a

res

olut

ion

tax

in 2

014

11

Page 12: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Less

ons

lear

nt•

Rec

over

y M

easu

res

�M

ake

sure

an

adeq

uate

set

of m

easu

res

is a

vaila

ble

�Id

entif

y in

terc

onne

cted

ness

in g

ener

al (e

.g. f

inan

cial

, suc

h as

dou

ble

leve

rage

) (E

BA

RT

S 2

015)

�N

ote

that

bar

riers

are

diffi

cult

to a

ddre

ss w

hils

t com

pany

is in

dis

tres

s an

d th

at m

easu

res

are

less

effe

ctiv

e if

rum

ours

are

alre

ady

in m

arke

ts

•T

imel

ines

s �

Impo

rtan

ce o

f ear

ly w

arni

ng s

igna

ls a

nd in

tens

ified

mon

itorin

g

•C

omm

unic

atio

n

�Im

port

ance

com

mun

icat

ion

plan

�D

iscl

osur

e re

quire

men

ts c

an ta

ke p

riorit

y ov

er n

eed

for

prud

entia

l co

nfid

entia

lity

ther

eby

trig

gerin

g a

cris

is o

r fr

ustr

atin

g op

tions

12

Page 13: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Less

ons

lear

nt

•In

dica

tors

�R

equi

rea

broa

dse

t of b

oth

qual

itativ

ean

dqu

anta

tive

indi

cato

rs�

Set

trig

ger

leve

ls a

re h

it ‘in

tim

e’

�A

ccep

t tha

tsom

ein

dica

tors

sw

itch

toam

ber

or r

ed in

BaU

�It

help

sif

bank

san

dsu

perv

isor

s ar

e le

ssre

luct

anti

n ac

tivat

ing

a pl

an, a

s th

isw

illle

ad to

mor

e in

tens

e m

onito

ring,

info

rmed

disc

ussi

onan

dap

prop

riate

cris

is m

anag

emen

t go

vern

ance

�A

lso

incl

ude

forw

ard

look

ing

indi

cato

rs

13

Page 14: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Less

ons

lear

nt

•M

any

othe

r le

sson

s as

wel

l (ou

tsid

e of

Rec

over

y P

lann

ing)

:�

EU

wid

e in

trod

uctio

n of

a b

ail-i

n to

ol d

esira

ble

�E

x an

te r

esol

utio

n an

d D

GS

fund

ing

nece

ssar

y to

shi

eld

sect

or a

nd

taxp

ayer

s at

EU

leve

l�

‘Gap

’ bet

wee

n ec

onom

ic re

ality

(vi

abili

ty)

and

crite

ria fo

r us

e of

re

gula

tory

/ in

terv

entio

n to

ols

(bac

kwar

d lo

okin

g)�

For

futu

re b

ank

mer

gers

/acq

uisi

tions

, tak

e in

to a

ccou

nt im

pact

on

reso

lvab

ility

(de

clar

atio

n of

no

obje

ctio

n pr

oces

s)�

Bet

ter

to p

repa

re th

an to

“ga

mbl

e fo

r re

surr

ectio

n”

14

Page 15: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Pub

lic p

ress

ure

Gen

eral

ly, t

he S

NS

RE

AA

L ca

se h

as c

lear

ly in

crea

sed

the

publ

ic p

ress

ure

on

bank

s an

d th

e de

velo

pmen

t of R

RP

for

othe

r D

utch

SIB

s

15

Page 16: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Bal

anci

ngac

t•

Goi

ngco

ncer

n vs

gone

conc

ern

•T

rade

-off

�E

nhan

cing

reco

vera

bilit

y &

res

olva

bilit

y co

mes

at a

cos

t�

Cer

tain

mea

sure

ssi

gnifi

cant

lyre

duce

over

all p

rofit

abili

tyan

dca

nbr

ing

abou

tope

ratio

nalr

isks

, whi

lsto

bjec

tive

of r

ecov

ery

plan

ning

is to

redu

ceth

e lik

elih

ood

of fa

ilure

�O

ptio

nalit

yis

key

16

Page 17: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Con

fiden

tialPar

t 2: D

utch

RP

Fra

mew

ork

17

Page 18: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Rec

over

y pl

anni

ng

Man

y qu

estio

ns a

rose

ove

r th

e ye

ars:

•H

ow to

mak

e su

re b

anks

und

er

supe

rvis

ion

are

wel

l pre

pare

d?

•A

lso

in B

aUsi

tuat

ions

, whe

n no

t all

stak

ehol

ders

are

con

vinc

ed o

f the

nee

d fo

r a

reco

very

pla

n?•

Wha

t sho

uld

a re

cove

ry p

lan

cons

ist o

f?

�D

NB

dev

elop

ed a

RP

fram

ewor

k�

Mai

n go

al to

impr

ove

the

over

all r

esili

ence

an

d ba

nks’

pre

pare

dnes

s to

ade

quat

ely

resp

ond

to a

nd r

ecov

er fr

om s

ever

ely

stre

ssfu

l env

ironm

ents

, and

, as

such

, si

gnifi

cant

ly re

duce

the

likel

ihoo

d of

failu

re

18

Page 19: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Ste

p by

ste

p

•D

NB

sta

rted

req

uirin

g R

ecov

ery

Pla

ns in

201

2 •

Req

uire

men

t app

lies

to a

ll lic

ense

d ba

nks

in th

e N

ethe

rland

s*•

Firs

t dem

ande

d it

from

the

four

larg

est D

omes

tic S

IFIs

(in

rol

e as

ho

me

auth

ority

)•

Tak

ing

a ris

k ba

sed

appr

oach

sin

ce th

en…

•A

pply

ing

sim

plifi

ed o

blig

atio

ns fo

r LS

Is (

EB

A)

�T

he v

ast m

ajor

ity o

f ban

ks u

nder

our

sup

ervi

sion

has

a p

lan

in

plac

e

* Le

gal b

asis

in th

e N

ethe

rlan

ds: S

ectio

n 3:

17 o

f the

Fin

anci

al S

uper

visi

on A

ct,

Sec

tion

23C

of t

he D

ecre

e on

P

rude

ntia

l Rul

es fo

r F

inan

cial

Und

erta

king

s an

d D

NB

Fra

mew

ork.

Im

plem

enta

tion

of th

e B

RR

D is

exp

ecte

d en

d 20

15 in

the

Net

herl

ands

.

19

Page 20: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

DN

B’s

Fra

mew

ork

for

Rec

over

y

•D

efin

ition

and

obj

ectiv

es•

Wha

t doe

s a

reco

very

pla

n co

nsis

t of?

•A

ppro

ach

and

resp

onsi

bilit

ies

•T

empl

ate

•La

test

ver

sion

4.0

Ex

ecu

tive

sum

ma

ry

Des

crip

tion

of

the

grou

p

Cri

sis

ma

na

gem

ent

gover

na

nce

Nea

r-d

efa

ult

sce

na

rio’s

Ea

rly

wa

rnin

g a

nd

tri

gger

s

Rec

over

y m

easu

res

Rec

over

ab

ilit

y a

sses

smen

t

Ma

na

gem

ent

Info

rma

tion

Sy

stem

Su

mm

ary

ta

ble

of

the

reco

ver

y

pla

n

20

Page 21: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Bui

ldin

g bl

ocks

21

Page 22: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Rec

over

y m

easu

res

•A

dequ

ate

set o

f rec

over

y m

easu

res

is k

ey•

Pla

n is

not

aim

ed to

fore

cast

the

fact

ors

prom

ptin

g th

e cr

isis

but

to a

sses

s w

heth

er

�T

he o

ptio

ns to

cou

nter

it a

re s

uffic

ient

ly ro

bust

�T

heir

natu

re is

suf

ficie

ntly

var

ied

to fa

ce a

wid

e ra

nge

of s

hock

s of

di

ffere

nt n

atur

e•

Als

o ne

ed n

on fi

nanc

ial t

ools

suc

h as

co

mm

unic

atio

n an

d op

erat

iona

l sta

bilit

y

22

Page 23: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Ban

k re

spon

sibi

lity

•It

is th

e ba

nk th

at d

eals

with

fina

ncia

l str

esse

s an

d po

tent

ial f

ailu

re•

Inst

itutio

n is

inde

pend

ently

cap

able

of a

vert

ing

a pe

ndin

gfa

ilure

As

such

, its

houl

den

sure

bank

’sre

adin

ess

tota

ckle

iton

its

own

stre

ngth

•R

esol

utio

nau

thor

ities

do n

otin

terv

ene

�A

rec

over

y pl

an is

ther

efor

e ow

ned,

dev

elop

ed a

nd m

aint

aine

d by

the

inst

itutio

n�

Cre

ate

awar

enes

s w

ith b

ank’

s m

anag

emen

t and

thro

ugho

ut

orga

niza

tion

•C

ontr

ibut

ion

to m

ore

resi

lient

sec

tor

23

Page 24: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

SS

M a

ndS

RM

brin

gch

ange

s…

•E

urop

ean

legi

slat

ion

(BR

RD

tobe

impl

emen

ted

shor

tly)

•E

urop

ean

auth

oriti

es(E

CB

, SR

B)

•D

utch

SI’s

unde

rdi

rect

SS

M s

uper

visi

on

24

Page 25: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Diff

eren

t “w

ho”

•R

ecov

ery

Pla

nnin

g in

Eur

opea

n co

ntex

t•

As

of 4

Nov

embe

r E

CB

in c

harg

e of

app

rox

6000

ban

ksin

the

Eur

o zo

ne•

Rol

esan

dpa

rtie

s�

Join

t Sup

ervi

sory

Tea

m, N

CA

’s, N

RA

’s, h

ost s

uper

viso

rs•

Glo

bal p

layi

ngfie

ld (

G-2

0, F

SB

, Bas

elC

omm

ittee

)

-F

inS

ac(b

roch

ure)

:

25

Page 26: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Diff

eren

t “ho

w”

26

Page 27: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Sim

ilar

“wha

t”

•R

egul

ator

yT

echn

ical

Sta

ndar

ds

and

Gui

delin

es(c

onte

nt)

•S

ingl

e S

uper

viso

ryH

andb

ook

•E

xcep

tfor

two

chan

ges

•P

lus:

‘bes

t pra

ctic

es’ r

emai

n

27

Page 28: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Suc

cess

fact

ors

A.

Mak

e su

reba

nks

trea

trec

over

y pl

anni

ng a

s in

tegr

alpa

rt o

f bus

ines

s �

Em

bedd

ing

in B

usin

ess

As

Usu

alB

.A

lign

plan

with

exis

ting

gove

rnan

ce, p

roce

sses

and

plan

s�

Bus

ines

s co

ntin

uity

, con

tinge

ncy

fund

ing

plan

s, r

isk

appe

tite

fram

ewor

kC

.C

ontin

uous

proc

ess

�M

onito

ring

met

rics

(mon

thly

) an

dre

gula

rup

date

s w

ithm

ajor

cha

nges

D

.Lo

cali

nvol

vem

entb

ank

(in a

nyev

ent t

hrou

ghm

onito

ring)

and

cont

act

betw

een

supe

rvis

ors

(and

judi

cial

s)E

.S

imila

tion

exer

cise

sor

‘dry

runs

’F

.M

anag

emen

t inf

orm

atio

n (s

yste

ms,

dat

a qu

ality

)

28

Page 29: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Suc

cess

fact

ors

And

also

: Sup

ervi

sory

effo

rts

•D

iscu

ssw

ithan

dch

alle

nge

the

bank

•D

ive

into

bank

spec

ific

cont

ent

•C

heck

and

chal

leng

e, a

lso

at d

iffer

ent

leve

ls w

ithin

the

bank

•N

o ea

sy a

nsw

ers…

29

Page 30: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Pos

itive

expe

rienc

esov

er th

e ye

ars.

.

Wha

tdid

reco

very

pla

nnin

g br

ing

usun

tilno

w?

•S

ourc

e of

val

uabl

ein

form

atio

n, n

ew in

sigh

ts•

Lear

ning

exp

erie

nce

with

othe

rin

stitu

tions

and

supe

rvis

ors

(G20

/FS

B,

CM

Gs,

EB

A, C

olle

ges)

�H

ow to

effe

ctiv

ely

deal

with

finan

cial

str

ess

and

pote

ntia

lfai

lure

?•

Impr

oved

awar

enes

s at

ban

ks, p

ositi

vere

spon

sive

ness

•A

ndm

ore…

30

Page 31: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Any

que

stio

ns?

Sho

uld

you

have

any

furt

her

ques

tions

at a

late

r st

age,

ple

ase

cont

act

Ms

Mr

E.C

. (E

mm

elin

e) v

an H

euke

lem

e.c.

van.

heuk

elem

@dn

b.nl

+31

20

524

2994

Page 32: Recovery Planning Emmeline van Heukelem, World Bank ...pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/...Recovery Planning The Dutch experience Emmeline van Heukelem, World Bank/FinSac

Tha

nk y

ou

Dis

clai

mer

: The

info

rmat

ion

in th

is p

rese

ntat

ion

is s

tric

tly c

onfid

entia

l, te

ntat

ive

and

for

info

rmat

ion

purp

oses

onl

y an

d ca

nnot

be

cite

d or

ref

erre

d to

in

any

doc

umen

t or

publ

icat

ion


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