Dutch State updates borrowing requirement for 2019

Following the publication of the Spring Memorandum by the Minister of Finance on 27 May 2019, the borrowing requirement for 2019 has been updated.

The total borrowing requirement for 2019 is now estimated at € 44.4 bn. Both a reduced expected cash surplus and buy backs of DSLs maturing in 2020 and 2021 have led to an increase of the borrowing requirement. At the same time, the increase in cash collateral reduces the borrowing requirement. On balance, the estimated borrowing requirement for 2019 is € 1.8 bn. higher compared to the previous estimate of January.

Borrowing requirement 2019

Update (€ bn.)

Previous (€ bn.)

Capital market redemptions 2019



Money market ultimo 2018



Change in cash collateral in 2019 (Jan – April)*



Cash surplus**



Buy-backs DSLs 2020 and DSLs 2021 (Jan – April)



Total borrowing requirement



*a decrease (increase) in cash collateral is shown as a positive (negative) number because it increases (decreases) the total borrowing requirement.

**a cash surplus (deficit) is depicted as a negative (positive) number because it decreases (increases) the total borrowing requirement.

The DSTA intends to roughly balance the call on the capital and money market in 2019. If the funding need turns out significantly lower (higher) than has now been estimated the actual size of the money market at year-end could end up below (above) this range.

Call on capital market and money market 2019

(€ bn.)

Capital market issuance (DSLs)


Money market ultimo 2019 (excl. cash collateral)




The next update of the borrowing requirement will be provided in September, after the publication of the Budget Memorandum 2020. The issuance calendar for the third quarter will be published on 21 June.