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Risks for the financial system

De Nederlandsche Bank (DNB) wants to safeguard a stable financial system. This requires sound financial institutions that operate with integrity. This is necessary to ensure a sustainable economy in the Netherlands. We warn against risks that could affect the system as a whole, and issue advice. We also improve the financial system's resilience by demanding that financial institutions reinforce their buffers.


The financial system is at the heart of the economy. It allows you to save, borrow and invest. It also ensures that you can pay safely and quickly, and that you can cover financial risks that you do not want to or are unable to bear. These things are often taken for granted, but they are essential to the functioning of the economy. That is why it is important that the financial system is robust and that it continues to function under less favourable economic circumstances.

Financial Stability Report

De Nederlandsche Bank monitors the stability of the financial system. Every six months, we publish our Financial Stability Report (FSR). In this report we identify risks to the financial system. We published the most recent edition on 9 October 2023.

What are current the risks for the financial sector

In our latest Financial Stability Report (FSR), we note that risks to financial stability have increased over the past six months. We describe three risks to financial stability in the transition from a low to high interest rate environment following the series of interest rate hikes by central banks. First, there is lower liquidity in financial markets, allowing price fluctuations in one market to spill over to other parts of the financial system more quickly. Second, financial institutions are facing growing interest rate and credit risks, mainly due to higher refinancing risks and lower repayment capacity among businesses. The third risk to financial stability concerns government debt, which weighs more heavily on governments’ budgets due to higher interest rates.

Financial Stability Report - Autumn 2023 (in Dutch)

Download Financial Stability Report - Autumn 2023 (in Dutch)

What is a stable financial system?

A stable financial system continues to function during economic slowdowns, if banks or pension funds run into trouble, or if stock markets crash. In other words, it is a robust and resilient system that can absorb shocks and contribute to sustainable economic growth in the Netherlands. We cannot allow the financial system itself to become a source of disruption in the economy. A stable financial system also guarantees sufficient financial buffers.

Financial Stability brochure

Download Financial Stability brochure

How does DNB know if the financial system is stable?

We look at various areas to assess the stability of the financial system. To do this, we use a large number of indicators, such as an increasing amount of loans (credit growth), rapidly rising real estate prices and the amount of cash that banks are holding (liquidity). For example, strong credit growth associated with strongly rising real estate prices is often an indication of (future) instability.

Financial stability and cooperation

We chair the Financial Stability Committee, which meets at least twice a year. At international level we participate in the International Monetary Fund (IMF), the European Central Bank (ECB), the European Systemic Risk Board (ESRB) and the Financial Stability Board (FSB). Our President Klaas Knot is the Vice-Chair of the FSB. Our participation in consultations in The Hague and Brussels is also important.

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