Key Facts

◾ Aaa / AAA / AA+ (stable / stable / stable)
◾ Leading lender to the Dutch public sector
◾ 100% Dutch government owned
◾ Long term funding programme: ± EUR 18 bn





BNG Bank is the bank of and for local authorities and public sector institutions in the Netherlands. Half of the bank’s share capital is held by the Dutch State and the other half by municipalities, provinces and a district water board. BNG Bank’s clients primarily comprise local authorities and  public sector institutions in the area of housing, healthcare, education and public utilities. BNG Bank provides customised financial services, ranging from loans and advances, consultancy, payment services, electronic banking to asset management. The bank also participates in public-private partnerships. By far the greatest part of the bank’s lending is free of credit risk because these loans are granted to or guaranteed by public authorities. BNG Bank’s specialized financial services help to minimize the cost of social provisions to the public. In this regard, the bank plays an essential role in the public sector.

Asset quality

The financial relationship between the central and local government in The Netherlands is structured in such a way, that the credit quality of the local government is extremely high. Loans to housing associations and healthcare institutions are secured by guarantee funds that are ultimately backed by the Dutch government. As a result 90% of all loans and advances are 0% risk weighted.

Long term lending portfolio as of 31 DECEMBER 2017


Key figures

​Total assets (EUR bn) ​140.0​154.0149.5
​Leverage ratio ​3.5%​3.0%​2.6%
​Tier 1 ratio​36.6%​32%26,7%
​Profit before tax (EUR m)​536​503​314
​Net profit after tax (EUR m)​393​369​226
​Net interest margin​0.31%​0.26%0.30%
​Cost to income ratio​11.3%​11.3%13.4%
​RoE (after tax)​10.8%​11.5%​7.3%


Moody’s ​S&P ​Fitch
​Long term debt ratingsAaa​AAAAA+
​Short term debt ratingsP-1A-1+F1+

Long term funding programme 2018

​Size​± EUR 18 bn
​Benchmarks in EUR and USD (144A)​Minimum size of 1 bn
​Tenors​2 to 20 years
​Regular presence in other currencies             
​GBP, CHF, JPY, AUD (Kangaroo), NZD (Kauri), CAD (Maple)
​Private Placements
​Sustainability Bonds


​Debt Issuance Programme EUR 100 bn (passported into 15 European countries)
Kangaroo/Kauri Programme AUD 10 bn
Japanese Shelf Registration JPY 500 bn
Japanese loan / Schuldschein / Namensschuldverschreibung
ECP Programme EUR 20 bn
USCP Programme USD 15 bn
​Repo eligible with​ECB, FED NY, SNB and RBNZ
​LCR HQLA​EU level 1, Switzerland level 2a
​PSPP ECB​Eligible

EUR benchmark curve

2,250,000,000​1.875%​20120​6 Jun 19
1,900,000,000​1.500%2013​​15 Apr 20
1,500,000,000​1.875%2014​​14 Jan 21
1.750,000,000​0.375%​2015​14 Jan 22
​2,050,000,000​0.500%​2015​26 Aug 22
​2,000,000,000​0.250%​2016​22 Feb 23
​1,750,000,000​0.050%​2018​11 Jul 23
​1,350,000,0000.250%​​201710 Jan 24​
1,250,000,000​1.125%​2014​04 Sep 24
​1,750,000,000​0.500%​2018​16 Apr 25
1,500,000,000​0.250%​2015​07 May 25
2,000,000,000​1.000%​2016​12 Jan 26
​1,750,000,000​0.625%​2017​19 Jun 27
​1,250,000,000​0.750%​2018​11 Jan 28
​1,100,000,000​1.375%​2015​21 Oct 30
​650,000,000​0.875%​2016​24 Oct 36
​800,000,000​1.5000%​2017​29 Mar 38

USD benchmark curve

​2,250,000,000​1.500%​2017​15 Feb 19
​1,500,000,000​1.875%​2014​11 Jun 19
​2,000,000,000​1.750%​2017​30 Oct 19
​2,500,000,000​2.500%​2018​28 Feb 20
​2,000,000,000​1.750%2015​24 Mar 20​
​1,500,000,000​3m$ +102017​​14 Jul 20
​2,250,000,000​1.750%​2017​05 Oct 20
​1,500,000,000​2.500%​2018​16 Feb 21
​1,500,000,0001.625%​​201619 Apr 21​
​1,750,000,000​2.375%​2017​01 Feb 22
​1,500,000,000​1.500%​201323 jan 23​
1,000,000,000​2.375%​2016​16 Mar 26

Sustainability bond

EUR ​500,000,000​0.375%​2014​14 Oct 19
USD ​600,000,000​1.625%​201625 Nov 19​
​EUR 650,000,000​0.125%​2015​03 Nov 20
​EUR 750.000.000​0.200%​2017​09 Nov 24

Social bond

​USD 750.000.000​2.125%​2017​14 Dec 2020
​EUR 1,000,000,000​0.050%​2016​13 Jul 2024

 Long term funding 2017

In 2017 BNG Bank has issued EUR 17.2 billion equivalent with an average maturity of 5.6 years.  

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