Klaas Knot: 14 years in 14 figures (and 5 videos)

5,114 days have passed between Klaas' very first day on the job to his last, on 30 June 2025. He has completed two seven-year terms. When he took office in July 2011, the global economy was recovering from a banking crisis. Earlier, in May 2010, a sovereign debt crisis had erupted in Greece that also affected the rest of the euro area. That euro crisis was still widely felt at the beginning of Klaas’ term. In the Netherlands, after the bankruptcy of DSB, the drama with Icelandic bank Icesave and the nationalisation of ABN Amro, there was also heavy criticism of DNB as the supervisory authority. In the years that followed, every effort was made to stabilise the system: supervision was tightened and bank capital buffer requirements were increased.

Want to know how Klaas looks back on his term and the central bank's position in a society in flux? Watch the video interview with Klaas and DNB colleague Kunieke Luth:

17.1% was the inflation rate in the Netherlands in September 2022. This level was unprecedented for our country. It means average prices that month were 17.1% higher than a year earlier. This spike in inflation was partly due to the aftermath of the COVID-19 pandemic and rising energy prices following the Russian invasion of Ukraine. A month later, in October 2022, the average inflation in the euro area reached 10.6%. Now, inflation in Europe is back around the 2% target. In May of this year, inflation in the euro area was 2.6%, while in the Netherlands it was 3%.

Klaas on the exceptional inflation rate of 17.1%, and on how the central banks intervened

335 is the number of official meetings Klaas has attended with his colleagues in Frankfurt since July 2011 – and online during the COVID-19 pandemic – according to Copilot. His first Governing Council meeting was immediately in his first week as DNB’s President, on 7 July. He particularly remembers the meetings at the height of the euro crisis, and those at the outbreak of the COVID-19 pandemic in 2020.

0.5% was the ECB's interest rate when Klaas took office in July 2011. In the subsequent 14 years, interest rates have been raised 11 times, by an average of 43 basis points, and lowered 16 times, by an average of 20 basis points. In June 2014 the ECB decided to introduce a negative interest rate for the first time, with an interest rate of -0.10%. The lowest policy rate during Klaas' term was -0.5%, in September 2019. At the time, inflation had been around 1% for a while, and central banks wanted to stimulate the economy to get inflation towards the target level of 2%. Today, the interest rates are at 2%.

An interest rate of -0.5% is really quite exceptional, says Klaas:

3 out of 10. That was the number of houses that were ‘under water’ in the Netherlands in 2013, at the height of the housing market crisis. In the period from 2008 to February 2013, house prices had fallen sharply. This was caused by unemployment, a lack of confidence and a faltering global economy. Since Klaas took office in July 2011, the price of an average home in the Netherlands has risen by 90% (April 2025). Back in July 2011, the average sale price was €248,424 – today it is €472,054.

9. That was the rating Klaas Knot gave the economy in January 2020, before COVID-19 reared its ugly head. On 27 February 2020, the first case of COVID-19 in the Netherlands was confirmed. More cases quickly followed and the economic outlook changed completely.

-6.4% was the economic growth projected by DNB at the beginning of the COVID-19 period in June 2020, see the Economic Developments and Outlook - June 2020. The COVID-19 pandemic reduced GDP by 3.8% in 2020, the strongest contraction rate since World War II. However, the economy proved resilient and recovery followed surprisingly quickly, thanks in part to government support and vaccine development. And by 2021, Dutch GDP was growing again by 6.2%, one of the strongest growth rates in decades.

85% of Dutch people think the Netherlands benefits from EU membership, Eurobarometer figures show. As a trading country, the Netherlands benefits greatly from close cooperation within the EU. After all, 70% of our exports go to other EU countries. An earlier DNB Analysis shows that Dutch exports have increased by more than 50% due to EU membership.

Strengthening European cooperation is essential, according to Klaas

€5 million is the amount DNB has earmarked for direct, one-off contributions to projects aimed at education and the preservation of historical heritage following DNB's apologies for its historical links to slavery. In cooperation with the Culture Fund, we have also set up a €5 million DNB Fund to support local projects initiated by the descendants of enslaved people.

€1,588 billion are the combined Dutch pension savings at the beginning of this year. Back in the third quarter of 2011, it was €765 billion. You can find these amounts on our website. The amount will be distributed upon transition to the new pension system in accordance with the Future of Pensions Act.

1 bank went bankrupt in the Netherlands in the last 14 years: Amsterdam Trade Bank (ATB). This bankruptcy was linked to the Russian invasion of Ukraine. Within a month, 95% of the guaranteed savings had been paid out to ATB’s account holders. If a bank goes bankrupt, we will make sure that account holders get their money back, up to a maximum of €100,000 per person, per bank. All banks have paid money into a guarantee fund for this purpose. Two out of three Dutch people are familiar with this Dutch Deposit Guarantee.

19% of payments are still made with cash in the Netherlands today. 81% of payments are made by debit card or mobile app. When it comes to payments, the Netherlands is one of the most highly digitalised countries. Back in 2011, 62% of payments were still made in cash, 34% were paid by debit card and 3% were paid with the Chipknip electronic purse.

€2.829 billion is DNB's cumulative net profit from 2011 to 2025. Between 2011 and 2021, DNB made a combined profit of €9.968 billion. In 2022, 2023 and 2024, DNB suffered losses totalling €7.139 billion, and the Dutch treasury did not receive a profit distribution from DNB.
Many central banks incurred losses as they tried to mitigate the economic impact of the COVID-19 pandemic by buying large numbers of debt securities from governments and businesses. Interest rates on these are relatively low. The resulting losses were absorbed with money from specially created reserve buffers. DNB expects to incur more losses until at least 2028, after which buffers can be built up again.
The amount the Dutch state has saved on interest charges on our national debt thanks to years of low ECB interest rates is estimated at around €28 billion. This exceeds DNB's expected losses. It is not yet known when dividends will be paid out to the treasury again. 

70,000 tonnes of building materials were saved by opting for renovation rather than newbuild. As a result, the environmental impact of the ‘new’ Frederiksplein building is 50% lower.
Employees returned to the Frederiksplein headquarters in Amsterdam on 6 January 2025 after a nearly five-year renovation. Respecting architect Marius Duintjer’s original design, architecture firm Mecanoo has fully renovated the DNB building. Thanks to the relocation of the gold and banknotes to Zeist the former vault could be transformed into an exhibition centre, open to visitors.

Finally, Klaas turns to successor Olaf Sleijpen