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ACM launches market study into the functioning of the Dutch savings market

The Netherlands Authority for Consumers and Markets (ACM) has launched a broad market study into the functioning of the Dutch savings market. Consumers that put money aside benefit from savings account rates that are as high as possible. Sufficient competition between banks will have an upward effect on those rates. ACM expects to publish the results before the summer of 2024.

Background

The Dutch Ministry of Finance has asked ACM to see if there is reason for launching a study into the savings market and into the savings account rates in the Netherlands, which are lagging behind the interest rates of the European Central Bank (ECB). ACM does see sufficient reason for such a study, and has now decided to launch one.

Why is ACM looking into this market?

There are indications that Dutch consumers only benefit to a limited extent from the increased interest rates on the European market. ACM sees that there are providers (including international ones) that, at first glance, offer Dutch savers higher rates than the major banks in the Netherlands do. However, consumers appear to switch to these banks only to a limited extent. That is why ACM has decided to launch a study into the functioning of the Dutch savings market and into the factors behind the fact that consumers rarely switch and that the major banks do not offer higher savings account rates.

ACM has launched a broad market study into the functioning of the savings market and into the effectiveness of competition thereon. This may result in recommendations to the Dutch legislature, for example if it turns out that the market is not functioning well.

Oversight of the financial sector

ACM enforces compliance with the competition rules, and also has the power to conduct market studies into the functioning of markets. As part of this broad market study into the Dutch savings market, ACM will also gather information from the sector-specific regulators the Dutch Authority for the Financial Markets (AFM) and the Dutch central bank (DNB), among other relevant market participants.

See also