The Dutch State Treasury Agency (DSTA) updated its funding plan for 2026 in June, and expects a reduction in the cash deficit of €8 billion compared with the amount communicated in March 2026. This means the total funding requirement for 2026 is lowered to €102.2 billion.
| Estimated borrowing requirement for 2026 | Amount (in €billion) | Change since March 2026 (in €billion) |
|---|---|---|
| Capital market redemptions 2026 | 28.8 | - |
| Net money market ultimo 2025 (excluding cash collateral) | 43.8 | - |
| Cash deficit 2026* | 29.6 | -8 |
| Total borrowing requirement 2026 | 102.2 | -8 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
Given a decreased funding plan, the call on the money market will be reduced accordingly. The call on the capital market remains unchanged at €50 billion (nominal). This is excluding use of the non-competitive option and the ORI auctions, which is why the total call on the capital market could be more than €50 billion. The money market is used to raise the remainder of the funding need.