Positive IMF Country Report on the Netherlands
At the end of 2010, the International Monetary Fund (IMF) conducted an assessment of the stability of the Netherlands’ financial sector. The practice had been that such an assessment was undertaken every seven years. The preliminary results released by the IMF are positive.
Preliminary findings
These preliminary findings were published on the IMF website and will serve as the background for further discussions to be held in the spring of 2011.
The assessment covers various areas of the financial sector such as the macro-financial situation, overall stability, financial and systemic oversight, banks, market for securities and insurance companies.
Stable financial sector
The findings suggest that the Dutch financial sector is sound and stable. The global economic crisis heavily affected the Netherlands, but the assessment determined that the Dutch economy had weathered the economic crisis better than many other European countries.
Banks in better shape
Furthermore, the IMF found that the way in which the Netherlands supervises the financial sector remains appropriate. Dutch banks are more stable now than in 2008 and seem to weather even the most severe tests. However, Dutch households remain heavily indebted with levels among the highest in the European Union, while corporate balance sheets appear to be recovering.
Amsterdam financial capital
Amsterdam is one of the major financial centres in Europe. Finance is the most important sector in the Amsterdam Metropolitan Area generating approximately 20% of the region’s GDP. All major Dutch financial institutions, such as the Dutch Central Bank (DNB), the Dutch Authority for Financial Markets (AFM) and the Dutch Stock Exchange (NYSE Euronext Amsterdam) are based in Amsterdam. Of the 50 foreign banks that are members of the Foreign Bankers Association, 44 are based in the Amsterdam Area.
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