The Dutch State Treasury Agency (DSTA) updated its funding plan for 2026 in September and expects an decrease in the cash deficit of €3.9 billion compared with June 2026. This means the total funding requirement for 2026 is decreased to €98.3 billion.
|
Estimated borrowing requirement for 2026 |
Amount |
Change since June 2026 (in €billion) |
|
Capital market redemptions 2026 |
28.8 |
- |
|
Net money market ultimo 2025 (excluding cash collateral) |
43.8 |
- |
|
Cash deficit 2026* |
25.7 |
-3.9 |
|
Total borrowing requirement 2026 |
98.3 |
-3.9 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
Call on the capital and money markets
Given a lower expected funding need, the call on the money market will be decreased accordingly. The call on the capital market remains unchanged at €50 billion nominal, excluding the non-competitive option and excluding the ORI pilot auctions. The ORI auctions are reflected in the overall funding plan of the DSTA and will hence result in a lower call on the money market.