## Kingdom of the Netherlands—The Netherlands: Financial Sector Assessment Program—Technical Note on Systemic Risk Analysis

_IMF Staff Country Reports, June 18, 2024_

## Source details

**Canonical URL:** [Kingdom of the Netherlands—The Netherlands: Financial Sector Assessment Program—Technical Note on Systemic Risk Analysis](https://www.imf.org/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550608)

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## Bibliographic details
- Published: June 18, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400280221.002

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### Key findings
- The banking sector appears resilient to adverse macrofinancial shocks assuming no policy reactions, but some vulnerabilities exist.
- The insurance solvency stress test evidenced a broad resilience of the Dutch insurance sector, particularly for property & casualty and health insurers, while vulnerabilities exist for some life insurers.
- The FSAP team carried out an analysis of household and corporate sector resilience, and of the commercial real estate market.
- Life insurers are broadly resilient to liquidity shocks despite large interest rate swap positions.

### Insurance sector—solvency and liquidity insights
- Solvency stress test results:
  - Broad resilience for property & casualty insurers.
  - Broad resilience for health insurers.
  - Vulnerabilities identified for some life insurers.
- Liquidity stress observations for life insurers:
  - Assuming a euro interest rate increase of 100 basis points, margin calls are sizable.
  - Sampled entities apply heterogeneous strategies to meet margin calls and draw on a variety of liquidity sources, including:
    - cash and deposits,
    - uncommitted repo facilities,
    - sale of money-market funds.

### Banking sector analysis
- Overall assessment: resilient to adverse macrofinancial shocks under the assumption of no policy reactions.
- Note: vulnerabilities exist despite overall resilience (the note does not specify which banking institutions or exposures in this summary).

### Household, corporate, and commercial real estate (CRE) analysis
- The FSAP team performed resilience analysis for the household sector.
- The FSAP team performed resilience analysis for the corporate sector.
- The FSAP team assessed vulnerabilities in the commercial real estate market.

### FSAP recommendations (objective)
- Aim to address observed gaps in systemic risk analysis.
- Aim to further strengthen the Netherlands’ systemic risk analysis framework.

*IMF Staff Country Report: Kingdom of the Netherlands—The Netherlands: Financial Sector Assessment Program—Technical Note on Systemic Risk Analysis, June 18, 2024.*

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_Source: https://www.imf.org/en/publications/cr/issues/2024/06/17/kingdom-of-the-netherlands-the-netherlands-financial-sector-assessment-program-technical-550608_