RISK IN FINANCIAL CONGLOMERATES: MANAGEMENT AND SUPERVISION Iman van Lelyveld and Arnold Schilder * November 2002 Research Series Supervision no. 49 Paper prepared for the Joint US-Netherlands Roundtable on Financial Services Conglomerates Washington D.C., October 24-25, 2002 Section Banking and Supervisory Strategies, Directorate Supervision, De Nederlandsche Bank Postbus 98 1000 AB Amsterdam * De Nederlandsche Bank, Directorate Supervision. PO Box 98, 1000 AB Amsterdam, The Netherlands. The views expressed in this paper are the authors’ only and do not necessarily reflect the position of De Nederlandsche Bank. Correspondence can be sent to i.p.p.van.lelyveld@dnb.nl. The authors would like to thank Jaap Bikker, Sandra Desson, Flip Klopper, Klaas Knot, Léon Spooren and Alfred Verhoeven for helpful comments and Danny van den Kommer for research assistance. All remaining errors are ours.