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Harmen Geers, spokesman at APG, said the asset manager was content with the Dutch Treasury's current position on the FTT. But he warned that Dutch pension funds would still be exposed to the effects of the tax. "The FTT would apply to external parties that schemes deal with, and these players will charge pension funds for the extra costs", he said.
Pensions supervisor De Nederlandsche Bank (DNB) made clear that it stuck to its earlier opinion that the FTT was undesirable. It argued that the tax would decrease economic growth, and said it was doubtful whether the FTT would discourage disrupting market behaviour. The watchdog estimated that the tax would cost Dutch pension funds €1.7 billon a year, mainly through derivatives contracts against interest risks.
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