Key Facts
◾ Leading lender to the Dutch public sector
◾ 100% Dutch government owned
◾ Long term funding programme: ± EUR 15 bn
Purpose
Everything we do revolves around making social impact. Instead of maximising profits, our priority is to maximise the social impact of our activities.
BNG Bank – Driven by social impact
We aim to be a natural partner for our clients by helping them addressing the social challenges they have to cope with. We want to be successful at delivering and demonstrating our social impact.
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. Our clients are local authorities, housing associations and healthcare and educational institutions.
We provide customised financial services, ranging from loans and advances, payment services and electronic banking. BNG 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 specialised 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 over 90% of all loans and advances are 0% risk weighted.
Long term lending portfolio as of 30 june 2020
Key figures
|
2020 1st Half |
2019 |
2018 |
|
| Total assets (EUR bn) | 167.0 |
149.7 |
137.5 |
| Leverage ratio | 3.2% | 3.6% | 3.8% |
| Tier 1 ratio | 37.0% |
38.2% | 38.2% |
| Profit before tax (EUR m) | 148 |
227 |
459 |
| Net profit after tax (EUR m) | 100 |
163 |
337 |
| Net interest margin | 0.27% | 0.29% | 0.32% |
| Cost to income ratio |
19.3% | 16.0% | 13.2% |
| RoE (after tax) | 4.5% | 3.6% | 8.5% |
Ratings
| Moody’s | S&P | Fitch | |
| Long term debt ratings | Aaa | AAA | AAA |
| Outlook | stable | stable | stable |
| Short term debt ratings | P-1 | A-1+ | F1+ |
Long term funding programme 2021
| Size | ± EUR 15 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), NOK, SEK |
| Private Placements | |
| Sustainability Bonds | |
| Documentation
|
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, RBA and RBNZ |
| LCR HQLA | EU level 1, Switzerland level 2a |
| PSPP ECB | Eligible |
EUR benchmark curve
| 2,050,000,000 | 0.500% | 2015 | 26 Aug 22 |
| 2,550,000,000 | 0.250% | 2016 | 22 Feb 23 |
| 2,100,000,000 | 0.050% | 2018 | 11 Jul 23 |
| 1,900,000,000 | 0.250% | 2017 | 10 Jan 24 |
| 1,400,000,000 | 1.125% | 2014 | 04 Sep 24 |
| 1,500,000,000 |
0.050% |
2020 |
02 Apr 25 |
| 1,750,000,000 | 0.500% | 2018 | 16 Apr 25 |
| 1,600,000,000 | 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 |
| 1,400,000,000 | 0.750% | 2018 | 11 Jan 28 |
| 2,920,000,000 | 0.750% | 2019 |
24 Jan 29 |
| 2,490,000,000 | 0.100% | 2020 | 15 Jan 30 |
| 1,425,000,000 | 1.375% | 2015 | 21 Oct 30 |
| 1,000,000,000 | 0.000% | 2021 | 20 Jan 31 |
| 1,950,000,000 | 0.125% |
2020 | 09 Jul 35 |
| 1,510,000,000 | 0.875% | 2019 | 17 Oct 35 |
| 1,785,000,000 | 0.875% | 2016 | 24 Oct 36 |
| 960,000,000 |
1.500% | 2017 | 29 Mar 38 |
| 775,000,000 | 1.500% | 2018 | 15 Jul 39 |
| 950,000,000 |
0.805% | 2019 |
28 Jun 49 |
USD benchmark curve
| 1,500,000,000 | 2.625% | 2019 | 15 Jan 21 |
| 1,500,000,000 | 2.500% | 2018 | 16 Feb 21 |
| 1,500,000,000 | 1.625% | 2016 | 19 Apr 21 |
| 1,750,000,000 | 2.375% | 2017 | 01 Feb 22 |
| 3,000,000,000 | 1.500% | 2019 | 06 Sep 22 |
| 1,500,000,000 | 2.500% | 2013 | 23 jan 23 |
| 2,000,000,000 |
0.750% |
2020 |
17 Apr 23 |
| 2,500,000,000 | 3.000% | 2018 | 20 Sep 23 |
| 1,500,000,000 | 2.625% | 2018 | 27 Feb 24 |
| 1,000,000,000 | 2.375% | 2016 | 16 Mar 26 |
| 1,250,000,000 |
1.000% |
2020 |
03 Jun 30 |
Sustainability bond for municipalities
| EUR 750,000,000 | 0.200% | 2017 | 09 Nov 24 |
| USD 1,000,000,000 |
0.500% |
2020 |
24 Nov 25 |
| AUD 400,000,000 | 1.900% | 2019 | 26 Nov 25 |
| EUR 750,000,000 | 0.500% | 2018 | 26 Nov 25 |
| EUR 750,000,000 | 0.050% | 2019 | 20 Nov 29 |
Sustainability bond for social housing associations
| USD 500,000,000 | 3.125% | 2018 | 08 Nov 2021 |
| USD 750.000.000 | 2.125% | 2017 | 14 Dec 2020 |
| EUR 1,000,000,000 | 0.050% | 2016 | 13 Jul 2024 |
| USD 1,000,000,000 | 1.500% |
2019 | 16 Oct 2024 |
| EUR 1,000,000,000 |
0.001% |
2020 |
05 Oct 2032 |
Long term funding 2020
In 2020 BNG Bank has issued EUR 15.1 billion equivalent with an average maturity of 8.9 years.
More information and tables