Lending Page ContentBNG Bank's credit exposure is extremely low. The majority of the loans and the securities portfolio consists of receivables from or guaranteed by public authorities with a 0% risk weighting.BNG Bank's clients are primarily comprised of local authorities and public sector institutions in the areas of housing, healthcare, education and public utilities. MunicipalitiesBecause of an effective system of legislation and regulation all Dutch municipalities are able to fulfil their financial obligations entirely and at all times. The financial relationship between central and local government in The Netherlands is structured in such a way, that the credit quality of Dutch municipalities is equal to that of the State of the Netherlands. The State of the Netherlands is rated Aaa by Moody′s (stable outlook), AAA by Standard & Poor′s (stable outlook) and AAA by Fitch (stable outlook). Dutch municipalities are not rated individually. Loans to Dutch municipalities are 0% risk weighted by the Dutch central bank.Housing AssociationsLiabilities of housing associations are supported by a Social Housing Guarantee Fund, Waarborgfonds Sociale Woningbouw (WSW). This fund is ultimately backed by the State of the Netherlands and the municipalities and rated Aaa by Moody′s and AAA by Standard & Poor′s. Financial supervision of this sector is the responsibility of the Central Fund for Public Housing (CFV). WSW guaranteed loans are 0% risk weighted by the Dutch central bank. Healthcare InstitutionsLiabilities of healthcare institutions are secured by a Healthcare Guarantee Fund, Waarborgfonds voor de zorgsector (WfZ). This fund is ultimately backed by the State of the Netherlands and rated AAA by Standard & Poor's. The Dutch central bank has given WfZ guaranteed loans a 0% risk weighting. Public Utilities Dutch public utilities, owned by municipalities and provinces, still enjoy strong domestic market positions resulting in a high credit quality. Furthermore the major clients of BNG Bank in this sector have an external rating, which reflect their creditworthiness. The loans to public utilities carry a risk weighting for capital adequacy purposes.