These have maturities of over one year and are also known as Dutch State Loans or DSLs. DSLs are issued in multiples of EUR 5 million. The remaining debt (EUR 30 billion) consists of treasury paper – also known as Dutch Treasury Certificates or DTCs – with maturities typically less than one year. DTCs are issued in multiples of EUR 10 million. DTCs are used to cover temporary deficits arising because receipts and expenses do not always run in parallel.
State loans are generally regarded as a safe investment, because investors view the Dutch State as a creditworthy party. This is why the Dutch government has no complaints about foreign demand for Dutch state loans. At the end of the second quarter of 2007, 81 per cent of Dutch Government debt (EUR 179 billion) was held by foreign investors.