The expected losses stem from monetary measures that have produced major public benefits. For example, our shareholder, the Dutch State, benefited from savings on interest payments estimated at EUR 28 billion between 2015 and 2021, which is significantly more than the profit distributions that are expected to fall by the wayside in the coming years.
Impact of rising interest rates on debts  The effects of monetary tightening are visible in sharply higher bond yields and mortgage lending rates, which leads to higher financing rates for households and businesses. The relatively high level of household debt in the Netherlands is a vulnerability. Financial risks may materialise if outstanding debts need to be refinanced or if house prices fall.