Netherlands: Dutch State Treasury Agency: Risk management in 2003-2006

The risk management strategy pursued by the Dutch State Treasury Agency has been modified with effect from 1 January 2003. The most important new element to come out of the reappraisal undertaken in 2002 is that the composition of the debt portfolio is seen in relation to gdp more explicitly than before. Government debt as a percentage of gdp is expected to continue to fall over the years ahead. This will enable the average maturity to be reduced without any increase in the risk to the national exchequer. The smooth implementation of the policy will involve using the amount at risk as a control variable in addition to the modified duration

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