The Netherlands Bankers’ Association drew up the code in September 2009. The banking code constituted a response to the report ‘Towards restored confidence’ prepared by the Advisory Committee on the Future of Banks (Adviescommissie Toekomst Banken).
The Decree serves to provide the banking code with a statutory basis. The legal foundation is provided by article 391(5) of Volume 2 of the Dutch Civil Code (Burgerlijk Wetboek). Banks not applying the code must provide an explanation under the ‘comply or explain’ principle.