Abstract
KINGDOM OF THE NETHERLANDS—THE NETHERLANDS
Title Page
KINGDOM OF THE NETHERLANDS—THE NETHERLANDS
STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION-INFORMATIONAL ANNEX
October 26, 2021
Prepared By
European Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of October 8, 2021, unless specified otherwise)
Mission: September 7–27, 2021 (virtual mission). The concluding statement of the mission is available at
Staff team: Messrs. A. Cuevas (head), A. Fouejieu, A. Geis, and Ms. O. Luca (all EUR).
Country interlocutors: The team met with De Nederlandsche Bank President Klaas Knot; State Secretary Hans Vijlbrief, and other officials from the Ministries of Finance, the Interior and Kingdom Relations, Social Affairs and Employment, Economic Affairs and Climate Policy, De Nederlandsche Bank, other government entities, and the Single Supervisory Mechanism; representatives of labor unions and employers, and representatives of private sector institutions. Mr. P. Hilbers and Ms. C. Eijking (both OED) participated in some of the meetings.
Fund relations: Discussions for the 2021 Article IV consultation were held virtually on September 7–27, 2021. The staff report for the 2019 Article IV Consultation (IMF Country Report No. 19/44, February, 2019) was considered by the Executive Board on February 12, 2019. The Article IV consultations with the Netherlands are on the standard 12-month consultation cycle. The Executive Board’s assessment and staff report are available at
Membership Status: Joined December 27, 1945; Article VIII.
| General Resources Account: | SDR Million | Percent of Quota |
| Quota | 8,736.50 | 100.00 |
| Fund holdings of currency | 6,672.17 | 76.37 |
| Reserve Tranche Position | 2,065.91 | 23.65 |
| Lending to the Fund | 123.6 |
| General Resources Account: | SDR Million | Percent of Quota |
| Quota | 8,736.50 | 100.00 |
| Fund holdings of currency | 6,672.17 | 76.37 |
| Reserve Tranche Position | 2,065.91 | 23.65 |
| Lending to the Fund | 123.6 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 13,210.17 | 100.00 |
| Holdings | 13,513.71 | 102.3 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 13,210.17 | 100.00 |
| Holdings | 13,513.71 | 102.3 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements: None
Projected Obligations to Fund1 (SDR million; based on existing use of resources and present holdings of SDRs):
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Principal | |||||
| Charges/Interest | 0.22 | 0.22 | 0.22 | 0.22 | |
| Total | 0.22 | 0.22 | 0.22 | 0.22 |
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Principal | |||||
| Charges/Interest | 0.22 | 0.22 | 0.22 | 0.22 | |
| Total | 0.22 | 0.22 | 0.22 | 0.22 |
Implementation of HIPC Initiative
Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI)
Not Applicable
Implementation of Catastrophe Containment and Relief (CCR)
Not Applicable
Exchange Rate Arrangements
The Netherlands’ currency is the euro, which floats freely and independently against other currencies.
Statistical Issues
|
|
| General: Netherlands’ economic and financial sector databases are generally comprehensive and high quality. Data provision is adequate for surveillance. Government Finance Statistics: The Netherlands compiles Government Finance Statistics in line with the European System of Accounts 2010 methodology from 1995 onwards and submits data for the annual Government Finance Statistics Yearbook in GFSM 2014 format via Eurostat External Sector Statistics: The DNB compiles the balance of payments in close cooperation with the CBS. Balance of payments and international investment position (IIP) statistics are compiled according to the Balance of Payments Manual, sixth edition (BPM6) and the legal requirements of the ECB and Eurostat. The Data Template on International Reserves and Foreign Currency Liquidity is disseminated monthly, and quarterly external debt data are reported to the World Bank for re-dissemination in the Quarterly External Debt Statistics database. DNB submits timely data for the IMF’s Coordinated Portfolio Investment Survey and Coordinated Direct Investment Survey. Monetary and Financial Statistics: The ECB reporting framework is used for reporting monetary statistics to STA through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to STA and for publication in the International Financial Statistics (IFS). The Netherlands’ monetary statistics published in the IFS covers data on central bank and other depository corporations using Euro Area wide residency criterion as well as based on national residency criterion. The Netherlands reports data on some indicators to the Financial Access Survey, including two indicators of the United Nations Sustainable Development Goals. Financial Sector Surveillance: The Netherlands disseminates quarterly data on financial soundness indicators (FSIs), including 11 core indicators and 8 encouraged indicators for deposit takers. The Netherlands also reports two encouraged FSIs for the real estate sector. |
|
| II. Data Standards and Quality | |
| Adherent to the IMF’s Special Data Dissemination Standard (SDDS) Plus since January 27, 2015. The Netherlands’ latest SDDS Plus Annual Observance Report is available on the |
The January 2008 data ROSC is available |
|
|
| General: Netherlands’ economic and financial sector databases are generally comprehensive and high quality. Data provision is adequate for surveillance. Government Finance Statistics: The Netherlands compiles Government Finance Statistics in line with the European System of Accounts 2010 methodology from 1995 onwards and submits data for the annual Government Finance Statistics Yearbook in GFSM 2014 format via Eurostat External Sector Statistics: The DNB compiles the balance of payments in close cooperation with the CBS. Balance of payments and international investment position (IIP) statistics are compiled according to the Balance of Payments Manual, sixth edition (BPM6) and the legal requirements of the ECB and Eurostat. The Data Template on International Reserves and Foreign Currency Liquidity is disseminated monthly, and quarterly external debt data are reported to the World Bank for re-dissemination in the Quarterly External Debt Statistics database. DNB submits timely data for the IMF’s Coordinated Portfolio Investment Survey and Coordinated Direct Investment Survey. Monetary and Financial Statistics: The ECB reporting framework is used for reporting monetary statistics to STA through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to STA and for publication in the International Financial Statistics (IFS). The Netherlands’ monetary statistics published in the IFS covers data on central bank and other depository corporations using Euro Area wide residency criterion as well as based on national residency criterion. The Netherlands reports data on some indicators to the Financial Access Survey, including two indicators of the United Nations Sustainable Development Goals. Financial Sector Surveillance: The Netherlands disseminates quarterly data on financial soundness indicators (FSIs), including 11 core indicators and 8 encouraged indicators for deposit takers. The Netherlands also reports two encouraged FSIs for the real estate sector. |
|
| II. Data Standards and Quality | |
| Adherent to the IMF’s Special Data Dissemination Standard (SDDS) Plus since January 27, 2015. The Netherlands’ latest SDDS Plus Annual Observance Report is available on the |
The January 2008 data ROSC is available |
The Netherlands: Table of Common Indicators Required for Surveillance
(As of October 13, 2021)
Includes reserve assets pledged of otherwise encumbered.
Pertains to contribution to EMU aggregate.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC (published on January 10, 2008, and based on the findings of the mission that took place October 3–17, 2007) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of
The Netherlands: Table of Common Indicators Required for Surveillance
(As of October 13, 2021)
| Date of Latest Observation | Date Received | Frequency of Data 8/ | Frequency of Reporting 8/ | Frequency of Publication 8/ | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality—Methodological Soundness 9/ | Data Quality— Accuracy and Reliability 10/ | ||||||
| Exchange Rates | Current | Current | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | 08/21 | 10/21 | M | M | M | ||
| Reserve/Base Money 2/ | 08/21 | 10/21 | M | M | M | ||
| Broad Money 2/ | 08/21 | 10/21 | M | M | M | ||
| Central Bank Balance Sheet | 08/21 | 10/21 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 08/21 | 10/21 | M | M | M | ||
| Interest Rates 3/ | Current | Current | D | D | D | ||
| Consumer Price Index | 08/21 | 09/21 | M | M | M | O, O, LO, O | O, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—General Government 5/ | Q1/21, 2019A | 07/21 | Q/A | Q/A | Q/A | LO, LO, LO, O | LO, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—Central Government | Q3/18, 2019A | 11/18, 12/20 | Q/A | Q/A | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 6/ | Q3/18, 2019A | 11/18, 12/20 | Q/A | Q/A | Q | ||
|
Q2/21 | 9/21 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Exports and Imports of Goods and Services | Q2/21 | 9/21 | Q | Q | Q | ||
| GDP/GNP | Q3/21 | 9/21 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Gross External Debt | Q2/21 | 09/21 | Q | Q | Q | ||
| International Investment Position 7/ | Q2/21 | 09/21 | Q | Q | Q | ||
Includes reserve assets pledged of otherwise encumbered.
Pertains to contribution to EMU aggregate.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC (published on January 10, 2008, and based on the findings of the mission that took place October 3–17, 2007) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of
The Netherlands: Table of Common Indicators Required for Surveillance
(As of October 13, 2021)
| Date of Latest Observation | Date Received | Frequency of Data 8/ | Frequency of Reporting 8/ | Frequency of Publication 8/ | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality—Methodological Soundness 9/ | Data Quality— Accuracy and Reliability 10/ | ||||||
| Exchange Rates | Current | Current | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | 08/21 | 10/21 | M | M | M | ||
| Reserve/Base Money 2/ | 08/21 | 10/21 | M | M | M | ||
| Broad Money 2/ | 08/21 | 10/21 | M | M | M | ||
| Central Bank Balance Sheet | 08/21 | 10/21 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 08/21 | 10/21 | M | M | M | ||
| Interest Rates 3/ | Current | Current | D | D | D | ||
| Consumer Price Index | 08/21 | 09/21 | M | M | M | O, O, LO, O | O, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—General Government 5/ | Q1/21, 2019A | 07/21 | Q/A | Q/A | Q/A | LO, LO, LO, O | LO, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—Central Government | Q3/18, 2019A | 11/18, 12/20 | Q/A | Q/A | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 6/ | Q3/18, 2019A | 11/18, 12/20 | Q/A | Q/A | Q | ||
|
Q2/21 | 9/21 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Exports and Imports of Goods and Services | Q2/21 | 9/21 | Q | Q | Q | ||
| GDP/GNP | Q3/21 | 9/21 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Gross External Debt | Q2/21 | 09/21 | Q | Q | Q | ||
| International Investment Position 7/ | Q2/21 | 09/21 | Q | Q | Q | ||
Includes reserve assets pledged of otherwise encumbered.
Pertains to contribution to EMU aggregate.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC (published on January 10, 2008, and based on the findings of the mission that took place October 3–17, 2007) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) source data, assessment of
When a member has overdue financial obligations outstanding for more than three months, the amount of arrears will be shown in this section.