Abstract
KINGDOM OF THE NETHERLANDS— THE NETHERLANDS
Title Page
KINGDOM OF THE NETHERLANDS— THE NETHERLANDS
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION— INFORMATIONAL ANNEX
February 8, 2023
Prepared By
European Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of January 20, 2023, unless specified otherwise)
Mission: November 28–December 9, 2022. The concluding statement of the mission is available at link.
Staff team: Messrs. B. Akitoby (head), A. Geis, and Mses. S. Armendariz, A. Myrvoda (all EUR).
Country interlocutors: The team met with De Nederlandsche Bank President Klaas Knot, Finance Minister Sigrid Kaag, State Secretary Marnix van Rij, 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. M. Louis joined the mission in the last couple of days to moderate the press conference and assist in media relations. C. Chen, K. Kirabaeva, E. Massetti, T. Tim (all FAD), and G. Dolphin (EU) joined the mission virtually for the meetings on climate change policies. Mr. P. Hilbers and Ms. C. Eijking (both OED) participated in some of the meetings.
Fund relations: Discussions for the 2022 Article IV consultation were held on November 28– December 9, 2022. The staff report for the 2021 Article IV Consultation (IMF Country Report No. 2021/243, November 2021) was considered by the Executive Board on November 10, 2021. 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 link.
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 | 6,296.86 | 72.08 |
| Reserve Tranche Position | 2,441.21 | 27.94 |
| Lending to the Fund | 44.00 |
| General Resources Account: | SDR Million | Percent of Quota |
| Quota | 8,736.50 | 100.00 |
| Fund holdings of currency | 6,296.86 | 72.08 |
| Reserve Tranche Position | 2,441.21 | 27.94 |
| Lending to the Fund | 44.00 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 13,210.17 | 100.00 |
| Holdings | 13,688.13 | 103.62 |
| SDR Department: | SDR Million | Percent of Allocation |
| Net cumulative allocation | 13,210.17 | 100.00 |
| Holdings | 13,688.13 | 103.62 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million |
| Stand-By | Sep 12, 1957 | Mar 12, 1958 | 68.75 | 0.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million |
| Stand-By | Sep 12, 1957 | Mar 12, 1958 | 68.75 | 0.00 |
Projected Obligations to Fund1 (SDR million; based on existing use of resources and present holdings of SDRs):
| 2023 | 2024 | 2025 | 2026 | 2027 | |
| Principal | |||||
| Charges/Interest | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Total | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| 2023 | 2024 | 2025 | 2026 | 2027 | |
| Principal | |||||
| Charges/Interest | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Total | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
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. The exchange rate arrangement of the euro area is free floating. The Netherlands participates in a currency union (EMU) with 19 other members of the EU and has no separate legal tender. The euro, the common currency, floats freely and independently against other currencies. The Netherlands maintains measures as adopted solely for national or international security reasons, which have been notified to the Executive Board in accordance with Decision No. 144-(52/51).
Statistical Issues
| I. Assessment of Data Adequacy for Surveillance | |
| 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 Dissemination Standards Bulletin Board. | The January 2008 data ROSC is available here. |
| I. Assessment of Data Adequacy for Surveillance | |
| 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 Dissemination Standards Bulletin Board. | The January 2008 data ROSC is available here. |
The Netherlands: Table of Common Indicators Required for Surveillance
(As of January 20, 2023)
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-à-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 source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
The Netherlands: Table of Common Indicators Required for Surveillance
(As of January 20, 2023)
| 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/ | 11/22 | 12/22 | M | M | M | ||
| Reserve/Base Money 2/ | 11/22 | 12/22 | M | M | M | ||
| Broad Money 2/ | 11/22 | 12/22 | M | M | M | ||
| Central Bank Balance Sheet | 11/22 | 12/22 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 11/22 | 12/22 | M | M | M | ||
| Interest Rates 3/ | Current | Current | D | D | D | ||
| Consumer Price Index | 12/22 | 01/23 | M | M | M | O, O, LO, O | O, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—General Government 5/ | Q2/22, 2021A | 11/22 | 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 | Q2/22, 2021A | 11/22 | Q/A | Q/A | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 6/ | Q3/22, 2021A | 01/23 | Q/A | Q/A | Q | ||
| External Current Account Balance | Q3/22 | 12/22 | Q | Q | Q | O, O, O, O | O, O, O, |
| Exports and Imports of Goods and Services | Q3/22 | 12/22 | Q | Q | Q | ||
| GDP/GNP | Q3/22 | 12/22 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Gross External Debt | Q3/22 | 12/22 | Q | Q | Q | ||
| International Investment Position 7/ | Q3/22 | 12/22 | 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-à-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 source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
The Netherlands: Table of Common Indicators Required for Surveillance
(As of January 20, 2023)
| 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/ | 11/22 | 12/22 | M | M | M | ||
| Reserve/Base Money 2/ | 11/22 | 12/22 | M | M | M | ||
| Broad Money 2/ | 11/22 | 12/22 | M | M | M | ||
| Central Bank Balance Sheet | 11/22 | 12/22 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 11/22 | 12/22 | M | M | M | ||
| Interest Rates 3/ | Current | Current | D | D | D | ||
| Consumer Price Index | 12/22 | 01/23 | M | M | M | O, O, LO, O | O, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing 4/—General Government 5/ | Q2/22, 2021A | 11/22 | 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 | Q2/22, 2021A | 11/22 | Q/A | Q/A | Q | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 6/ | Q3/22, 2021A | 01/23 | Q/A | Q/A | Q | ||
| External Current Account Balance | Q3/22 | 12/22 | Q | Q | Q | O, O, O, O | O, O, O, |
| Exports and Imports of Goods and Services | Q3/22 | 12/22 | Q | Q | Q | ||
| GDP/GNP | Q3/22 | 12/22 | Q | Q | Q | O, O, O, O | LO, O, O, O, O |
| Gross External Debt | Q3/22 | 12/22 | Q | Q | Q | ||
| International Investment Position 7/ | Q3/22 | 12/22 | 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-à-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 source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
When a member has overdue financial obligations outstanding for more than three months, the amount of arrears will be shown in this section.