Insist on bond market

The European governments, which have spent billions to banks and businesses to support, thus hindering their ability to attract money. It is becoming more pressing for the bond market.

The Dutch national debt is by all rescue operations in the financial sector has now become a record high of € 282.9 billion increase. On Prince, there was still talk of that debt next year would drop to around € 246 billion, or 39.6% of gross domestic product (GDP). In the coming years, the debt as a percentage of GDP even fall to the lowest level since 1815. The intervention of the Cabinet with banks and insurers, however, the situation has changed significantly. The state also guarantees that the market is flooded with new loans of reliable quality. This is the interest on loans from the state or semi-government such as municipal, industrial and water banks at a lower pitje States. To still generate enough money to continue, the coupon rate will continue to be attractive. The Ministry of Finance yesterday made known now € 12 billion would fetch through the reopening of four short-term loans with a maturity of three, four and five months. In our country appears to the semi-state to suffer from the hustle and bustle on the bond market. Thus, the Dutch Water Bank still to money, but above the rate of previous loans. The Bank of Dutch Municipalities (BNG) wild yesterday lost nothing of their loan conditions. Some countries have such huge amounts warranty available - such as Germany, with almost € 500 billion - that their own credit standing is weaker classified. In the line that leads also allow a higher remuneration to be paid less than it otherwise would have been. Sun will pay the German industrial bank Kreditanstalt für Wiederaufbau (KfW, a semi-government institution) is now 0.3% more interest on its bonds issued in October than was the case yet. In England were Royal Bank of Scotland, HBOS, Lloyds TSB and Barclays use of state guarantees, whereby the cost can reach 1% of the guaranteed amount. Also in the Netherlands there is a prop to come from companies who are only able to fund with government guarantees. Company car leasing company LeasePlan is the first by the government invoked the guarantee for loans. The request is for loans totaling € 1.5 billion, as did financial director Guus Stoelinga known yesterday. The car company already has fifteen years on a Dutch bank license. The company can rely on a system that Forest Minister of Finance last month has created for the guarantee of reciprocal loans from financial institutions. The government has previously made available € 200 billion. LeasePlan says the credit crisis to have difficulty to attract financing. "The capital market is still a half years. We could sing long, but now it's time for an application to serve, "said Stoelinga. Financial problems LeasePlan has indicated it will not. Stoelinga: "This is a normal financing. We have the € 1.5 billion needed for the new year to go. "LeasePlan in the Netherlands has a fleet of 126,000 cars. Until 2004, the company owned by ABN Amro. Car manufacturer Volkswagen now owns half the shares. Foreign investors, including from the Middle East, have the rest. LeasePlan has a total of thirty countries in 1.3 million cars on the road. Competitor and market leader Athlon Car Lease, a subsidiary of Rabobank, does not appeal to the guarantee for loans from the government. According to director Richard Crescent is the capital position of Athlon in order and therefore have no recourse to the scheme. Leaseplan expected within a few days of the Ministry of Finance to hear whether the application is successful. According to the company lies in an important signaling approval. "We are considered credit worthy," said Stoelinga. This stamp may, according to the finance director also lead to LeasePlan once again entitled to 'normal' funding. "In England Barclays was the first to use a guarantee. Then came ordinary loans also back on track. "Prime Minister Balkenende has recently made a call to the financial sector to make use of the loan guarantee for the movement to get things going again. Last week showed bancassurer SNS Reaal and bank NIBC able to consider making an appeal to do so. ING, which has received direct government, is also mentioned as a candidate to use the new money is guaranteed to be drawn. The ten largest Dutch banks have until the end of next year when the guarantee expires, for a total of € 86 billion in loans to repay and refinance. For all European banks together is that more than € 800 billion.