The Dutch financial regulator (DNB) has announced it is to reduce its board of directors from five to four.
Joanne Kellermann, whose is expected to leave the watchdog in November, will not be replaced.
The DNB said the move was a direct result of the shift of the banking supervision centre of gravity to Brussels.
In a statement, it said: “Considering that banking supervision is becoming more of a European matter and decision-making authority is in part being shifted to the ECB, the board of directors and the council of commissioners have decided to limit the number of directors to four.”
According to the regulator, having fewer directors will result in the most efficient and effective board considering the context of a new European banking union.
The four remaining directors will be Klaas Knot, Jan Sijbrand, Frank Elderson and Job Swank.
Knot will be in charge of the internal corporate processes at DNB, in addition to his position as chairman of the board at the regulator and as a member of the ECB Governing Council.
Sijbrand, as chairman of supervision, will be in charge of banking supervision and the department of supervisory policy, in addition to taking on the supervision of insurance companies.
Elderson will be director for the DNB’s new role as clearing authority.
In addition, he will be in charge of pension fund supervision and the oversight of horizontal functions (previously centres of supervisory expertise).
Elderson will not be charged primarily with banking supervision, monetary policy or financial stability so as to ensure the clearing role may be fulfilled in an autonomous and independent manner.
He will continue to be responsible for Legal Affairs.
Swank, in addition to his roles as director of monetary affairs and financial stability, will take responsibility for payment transactions.
The DNB’s new portfolio division will become effective from 1 November.