Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Daan Ballegeer and Rutger Betlem on 19 May 2026

10 June 2026

Published in Het Financieele Dagblad on 3 June 2026.

[The interview is introduced with a brief account of the collapse of Amsterdam Trade Bank in 2022, presented as an example illustrating the complexity of financial supervision beyond standard financial metrics. The introduction includes a quote by Frank Elderson, reproduced below.]

Deregulation – even if you frame it as modernisation or simplification – is a no-go. We should not forget the lessons of the financial crisis. Moreover, as a supervisor we are not there solely to focus on financial risks. Amsterdam Trade Bank has made that abundantly clear. Non-financial risks in particular are often an excellent predictor of future financial problems. They have the unfortunate habit of not manifesting themselves as financial risks for a…