29 200 IXB
Vaststelling van de begrotingsstaat van het Ministerie van Financiën (IXB) voor het jaar 2004

nr. 12
BRIEF VAN DE MINISTER VAN FINANCIËN

Aan de Voorzitter van de Tweede Kamer der Staten-Generaal

Den Haag, 1 maart 2004

Hierbij doe ik u toekomen de halfjaarlijkse notificatie van Nederland aan de Europese Commissie over het EMU-saldo en de EMU-schuld. Het Verdrag schrijft voor dat de lidstaten halfjaarlijks notificeren aan de Europese Commissie over het EMU-saldo en de EMU-schuld.

De Minister van Financiën,

G. Zalm

Table 1: Reporting of government deficit/surplus and debt levels and provision of associated data

Member State: Netherlands Data are in Millions of Euro Date: 01/03/2004	ESA 95 codes	1997 Final	1998 Final	1999 Final	2000 Final	2001 Half-finalized	2002 Esti-mated	2003 Esti-mated	2004 planned
Net borrowing (–)/ net lending (+)	EDP B.9
General government	S.13	– 3 714	– 2 705	2 476	8 866	– 122	– 8 537	– 13 528	– 13 526
– Central government	S.1311	– 6 860	– 4 016	– 2 718	2 026	– 147	– 4 479	– 11 823	– 13 324
– State government	S.1312	–	–	–	–	–	–	–	–
– Local government	S.1313	3 200	321	541	315	– 196	– 2 264	– 983	– 750
– Social security funds	S.1314	– 54	990	4 653	6 525	221	– 1 794	– 722	548
General government consolidated gross debt
Level at nominal value outstanding at end of year		233 323	236 465	236 020	224 729	227 018	234 005	248 801	260 624
By category:
Currency and deposits	AF.2	1 219	1 244	1 250	1 274	1 233	903	903
Securities other than shares, exc. financial derivatives	AF.33
Short-term	AF.331	6 043	6 971	5 145	5 507	5 677	15 902	20 280
Long-term	AF.332	157 918	165 912	176 021	170 966	174 088	171 896	182 523
Loans	AF.4
Short-term	AF.41	5 329	5 140	5 032	5 709	8 498	9 044	9 043
Long-term	AF.42	62 813	57 197	48 573	41 273	37 522	36 260	36 052
General Government Expenditure on
Gross fixed capital formation	P.51	9 668	10 370	11 183	12 467	13 867	14 584	14 710	14 706
Interest (consolidated)	EDP D.41	17 282	17 166	16 785	15 430	14 660	13 674	13 233	13 391
p.m.: Interest (consolidated)	D.41 (uses)	17 282	17 166	16 785	15 430	14 725	13 770	13 378	13 512
Gross domestic product at current market prices	B.1*g	333 725	354 194	374 070	402 291	429 127	444 649	454 265	466 440

Table 2A: Provision of the data which explain the transition between the public accounts budget deficit and the central government deficit/surplus

Member State:The Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 2001 Half-finalized	2002 Estimated	2003 Estimated	2004 Planned	Specifications and sources Cash-based, Public accounts
Working balance in central government accounts	– 3 587	– 8 002	– 13 565	– 12 197	Please specify what is the departing balance in this table
(public accounts, please specify whether this working balance is cash-based)
Financial transactions considered in the working balance
Loans, granted (+)	1 309	1 039	1 048	858
Loans, repayments (–)	– 333	– 276	– 500	– 101
Equities, acquisition (+)	2 677	220	0	0
Equities, sales (–)	– 908	0	– 1 950	– 1 800
Other financial transactions (+/–)	0	47	67	0
Difference between interest paid (+) and accrued (EDP D.41) (–)	827	648	803	428
Other accounts receivable (+)/payable (–)	959	144	316	135	Correction on cash-based Taxes
	833	– 869	10	– 300	Correction on other cash-based transactions
Net borrowing (+) or net lending (–) of State entities	–	–		–
not part of central government
Net borrowing (–) or net lending (+) of other	228	273	0	0	Net lending Non-State Central government
central government bodies
Other adjustments (+/–) (please detail)	– 1 636	1 208	1 911	0	Third party accounts
	– 516	1 089	37	– 347
Net borrowing (–)/lending (+) (EDP B.9) of central government (S.1311)	– 147	– 4 479	– 11 823	– 13 324

(ESA 95 accounts)

Note: Member States are asked, according to established practice, to adapt tables 2A, B, C and D to their national specificity.

Table 2C: Provision of the data which explain the transition between the working balances and the local government deficit/surplus

Member State: The Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 2001 Half Finalized	2002 Estimated	2003 Estimated	2004 Planned	Specifications and sources Accrual Based
Working balance in local government accounts	765	– 1 479	– 983	– 750	Please specify what is the departing balance in this table
(please specify whether this working balance is cash-based)
Financial transactions considered in the working balance
Loans (+/–)	– 1 469	– 1 733	0	0
Equities (+/–)	– 5	208	0	0
Other financial transactions (+/–)	–	–		–
Adjustment for non-financial transactions	–	–		–
not considered in the working balance
Difference between interest paid (+) and accrued (EDP D.41) (–)	–	–		–
Other accounts receivable (+)/payable (–)	513	740	0	0
Adjustment for subsector delimitation	–	–		–
Other adjustments (+/–) (please detail)	–	–		–
Net borrowing (–)/lending (+) (EDP B.9) of local government (S.1313)	– 196	– 2 264	– 983	– 750

(ESA 95 accounts)

Note: Member States are asked, according to established practice, to adapt tables 2A, B, C and D to their national specificity.

Table 2D: Provision of the data which explain the transition between the working balances and the social security deficit/surplus

Member State: The Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 2001 Half Finalized	2002 Estimated	2003 Estimated	2004 Planned	Specifications and sources Accrual Based
Working balance in social security accounts	344	– 1 338	– 722	548	Annual reports, quarterly reports
(please specify whether this working balance is cash-based)
Financial transactions considered in the working balance
Loans (+/–)	–	–		–
Equities (+/–)	–	–		–
Other financial transactions (+/–)	102,3	59,1	0	0
Adjustment for non-financial transactions	–	–		–
not considered in the working balance
Difference between interest paid (+) and accrued (EDP D.41) (–)	–	–		–
Other accounts receivable (+)/payable (–)	– 224,8	– 515,6	0	0	Correction on cash-based social contributions and benefits (nett)
Adjustment for subsector delimitation	–	–		–
Other adjustments (+/–) (please detail)	–	–		–
Net borrowing (–)/lending (+) (EDP B.9) of social security (S.1314)	221	– 1 794	– 722	548

(ESA 95 accounts)

Note: Member States are asked, according to established practice, to adapt tables 2A, B, C and D to their national specificity.

Table 3A: Provision of the data which explain the contributions of the deficit/surplus and the other relevant factors to the variation in the debt level (general government)

Member State: Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 1999 Final	2000 Final	2001 Half-finalized	2002 Estimated	2003 Estimated	Specifications
Net borrowing (+)/lending (–)(EDP B.9) of general government (S.13)*	– 2 476	– 8 866	122	8 537	13 528
Net acquisition (+) of financial assets^1
Currency and deposits (F.2)	– 50	– 624	– 86	– 646	0
Securities other than shares (F.3)	288	114	21	0	0
Loans (F.4)	– 888	257	– 1 239	127	548
Increase (+)	2 430	3 197	984	1 650	1 048
Reduction (–)	– 3 318	– 2 940	– 2 223	– 1 523	– 500
Shares and other equity (F.5)	– 952	– 2 814	2 115	341	– 1 915
Increase (+)	386	370	2 638	355	35
Reduction (–)	– 1 338	– 3 184	– 523	– 14	– 1 950
Other financial assets (F.1, F.6 and F.7)	666	833	– 3 064	– 2 244	0
Adjustments
Net incurrence (–) of liabilities in financial derivatives (F.34)	0	0	0	0	0
Net incurrence (–) of other liabilities (F.6 and F.7)	– 971	– 1 356	3 843	1 840	1 129
Issuances above (–)/below (+) par	– 1 710	– 34	– 294	– 196	0
Difference between interest (EDP D.41) accrued (–) and paid^2 (+)	0	0	0	0	0
Redemptions of debt above (+)/below (–) par	4 786	1 116	128	143	0
Appreciation (+)/depreciation (–)^3 of foreign-currency debt (6)	290	152	109	– 329	0
Changes in sector classification (K.12.1)^4 (+/–)	0	0	0	0	0
Other volume changes in financial liabilities (K.7, K.8, K.10)^4 (–)	730	– 70	568	– 118	0
Statistical discrepancies
Difference between financial and capital accounts (B.9f-B.9)*	0	0	65	96	145
Other statistical discrepancies (+/–)	– 158	0	2	– 564	1 361
Change in general government (S.13) consolidated gross debt^5	– 445	– 11 292	2 290	6 987	14 796

* Please note that the sign convention for net borrowing/net lending is different from tables 1 and 2.

¹ Consolidated within general government.

² Including capital uplift

³ Due to exchange-rate movements and to swap activity.

⁴ AF.2, AF.33 and AF.4. At face value.

⁵ A positive entry in this row means that nominal debt increases, a negative entry that nominal debt decreases.

Table 3B: Provision of the data which explain the contributions of the deficit/surplus and the other relevant factors to the variation in the government debt level and the consolidation of debt (central government)

Member State: Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 1999 Final	2000 Final	2001 Estimated	2002 Estimated	2003 Estimated	Specifications and sources
Net borrowing (+)/lending (–) (EDP B.9) of central government (S.1311)*	2 718	– 2 026	147	4 479	11 823
Net acquisition (+) of financial assets^1
Currency and deposits (F.2)	– 156	– 3 200	67	– 90	0
Securities other than shares (F.3)	– 6	– 1	5	0	0
Loans (F.4)	– 256	329	359	1 744	548
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Shares and other equity (F.5)	– 1 043	33	2 041	133	– 1 915
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Other financial assets (F.1, F.6 and F.7)	698	– 162	1 070	– 252	0
Adjustments
Net incurrence (–) of liabilities in financial derivatives (F.34)	0	0	0	0	0
Net incurrence (–) of other liabilities (F.6 and F.7)	238	1 083	– 492	48	1 129
Issuances above (–)/below (+) par	– 1 710	– 34	– 294	– 196	0
Difference between interest (EDP D.41) accrued (–) and paid^2 (+)	0	0	0	0	0
Redemptions of debt above (+)/below (–) par	4 786	1 116	128	143	0
Appreciation (+)/depreciation (–)^3 of foreign-currency debt^3	0	0	0	0	0
Changes in sector classification (K.12.1)^3 (+/–)	0	0	0	0	0
Other volume changes in financial liabilities (K.7, K.8, K.10)^3 (–)	197	7	425	– 71	0
Statistical discrepancies
Difference between financial and capital accounts (B.9f-B.9)*	0	0	65	96	145
Other statistical discrepancies (+/–)	136	0	2	– 1	2 042
Difference in consolidation assets and liabilities for subsector	– 4 416	– 6 185	– 916	1 090	722
Check	0	– 1	0	0
Change in central government (S.1311) consolidated^1 gross debt^5	1 187	– 9 040	2 607	7 123	14 494
Central government contribution to general government debt (a=b-c)	194 953	185 914	188 520	195 643	210 137
Central government gross debt (level) (b)^1	202 023	198 187	203 800	212 390	226 883
Central government holdings of other subsectors debt (level) (c)^4	7 070	12 273	15 279	16 746	16 746

* Please note that the sign convention for net borrowing/net lending is different from tables 1 and 2.

¹ Consolidated within central government.

² Including capital uplift

³ Due to exchange-rate movements and to swap activity.

⁴ AF.2, AF.33 and AF.4. At face value.

⁵ A positive entry in this row means that nominal debt increases, a negative entry that nominal debt decreases.

Table 3D: Provision of the data which explain the contributions of the deficit/surplus and the other relevant factors to the variation in the debt level and the consolidation of debt (local government)

Member State: Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 1999 Final	2000 Final	2001 Estimated	2002 Estimated	2003 Estimated	Specifications and sources
Net borrowing (+)/lending (–) (EDP B.9) of local government (S.1313)*	– 541	– 315	196	2 264	983
Net acquisition (+) of financial assets^1
Currency and deposits (F.2)	– 135	2 572	– 177	– 294	0
Securities other than shares (F.3)	0	5	3	0	0
Loans (F.4)	– 760	– 67	– 1 470	– 1 715	0
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Shares and other equity (F.5)	– 82	– 2 997	– 5	208	0
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Other financial assets (F.1, F.6 and F.7)	1 199	– 1 275	1 208	– 1 454	0
Adjustments
Net incurrence (–) of liabilities in financial derivatives (F.34)	0	0	0	0	0
Net incurrence (–) of other liabilities (F.6 and F.7)	– 1 235	– 442	– 645	2 194
Issuances above (–)/below (+) par	0	0	0	0	0
Difference between interest (EDP D.41) accrued (–) and paid^2 (+)	0	0	0	0	0
Redemptions of debt above (+)/below (–) par	0	0	0	0	0
Appreciation (+)/depreciation (–)^3 of foreign-currency debt^4	290	152	109	– 329	0
Changes in sector classification (K.12.1)^3 (+/–)	0	0	0	0	0
Other volume changes in financial liabilities (K.7, K.8, K.10)^3 (–)	532	– 78	143	– 47	0
Statistical discrepancies
Difference between financial and capital accounts (B.9f-B.9)*	0	0	0	0	0
Other statistical discrepancies (+/–)	– 291	0	0	957	– 681
Local government contribution to general government debt (a=b-c)	40 498	38 136	37 706	37 972	38 274
Local government gross debt (level) (b)^1	40 787	38 545	37 920	38 158	38 460
Local government holdings of other subsectors debt (level) (c)^3	289	409	214	186	186

* Please note that the sign convention for net borrowing/net lending is different from tables 1 and 2.

¹ Consolidated within central government.

² Including capital uplift

³ Due to exchange-rate movements and to swap activity.

⁴ AF.2, AF.33 and AF.4. At face value.

Table 3E: Provision of the data which explain the contributions of the deficit/surplus and the other relevant factors to the variation in the debt level and the consolidation of debt (social security funds)

Member State: Netherlands Data are in Millions of Euro Date: 01/03/2004	Year 1999 Final	2000 Final	2001 Estimated	2002 Estimated	2003 Estimated	Specifications and sources
Net borrowing (+)/lending (–) (EDP B.9) of social security funds (S.1314)*	– 4 653	– 6 525	– 221	1 794	722
Net acquisition (+) of financial assets^1
Currency and deposits (F.2)	241	4	24	– 262	0
Securities other than shares (F.3)	293	110	13	0	0
Loans (F.4)	129	– 5	– 128	98	0
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Shares and other equity (F.5)	173	150	79	0	0
Increase (+)	–	–	–	–
Reduction (–)	–	–	–	–
Other financial assets (F.1, F.6 and F.7)	– 1 231	2 270	– 5 342	– 538	0
Adjustments
Net incurrence (–) of liabilities in financial derivatives (F.34)	0	0	0	0	0
Net incurrence (–) of other liabilities (F.6 and F.7)	26	– 1 997	4 980	– 402	0
Issuances above (–)/below (+) par	0	0	0	0	0
Difference between interest (EDP D.41) accrued (–) and paid^2 (+)	0	0	0	0	0
Redemptions of debt above (+)/below (–) par	0	0	0	0	0
Appreciation (+)/depreciation (–)^3 of foreign-currency debt^4	0	0	0	0	0
Changes in sector classification (K.12.1)^4 (+/–)	0	0	0	0	0
Other volume changes in financial liabilities (K.7, K.8, K.10)^4 (–)	1	1	0	0	0
Statistical discrepancies
Difference between financial and capital accounts (B.9f-B.9)*	0	0	0	0	0
Other statistical discrepancies (+/–)	– 3	0	0	0	0
Difference in consolidation assets and liabilities for subsector	4 357	6 102	708	– 1 092	– 722
Check	0	0	0	0
Change in social security (S.1314) consolidated^1 gross debt^5	– 667	110	113	– 402	0
Social security contribution to general government debt (a=b-c)	569	679	792	390	390
Social security gross debt (level) (b)^1	3 369	1 520	3 211	5 262	5 262
Social security holdings of other subsectors debt (level) (c)^4	2 800	841	2 419	4 872	4 872

* Please note that the sign convention for net borrowing/net lending is different from tables 1 and 2.

¹ Consolidated within central government.

² Including capital uplift

³ Due to exchange-rate movements and to swap activity.

⁴ AF.2, AF.33 and AF.4. At face value.

⁵ A positive entry in this row means that nominal debt increases, a negative entry that nominal debt decreases.

Table 4: Provision of other data in accordance with the statements contained in the Council minutes of 22/11/1993.

	Member State: The Netherlands Data are in Millions of Euro Date: ..01./.03../ 2004	year 2000 final	2001 final	2002 half-final	2003 estimated	2004 planned
Statement
Number
2	Trade credits and advances (AF.71 L)	n.a.	n.a.	n.a.	n.a.	n.a.
3	Amount outstanding in the government debt from the financing of public undertakings
	Data:	n.a.	n.a.	n.a.	n.a.	n.a.
	Institutional characteristics:
4	In case of substantial differences between the face value and the present value of government debt, please provide information on i) the extent of these differences:
	ii) the reasons for these differences:
10	Gross National Income at current market prices (B.5*g)^1	404 003	425 246	435 501	442 130	460 940

¹ Data to be provided in particular when GNI (also known as GNP) is substantially greater than GDP.