ING's Duynstee to head Deutsche Bank's Benelux operations

ING’s Duynstee to head Deutsche Bank’s Benelux operations

Deutsche Bank has hired Maurits Duynstee, the head of Dutch wholesale banking at ING, to lead its corporate finance team in the Benelux region, the German bank said on Thursday. Duynstee joins former JP Morgan banker Olaf van Tuijl and former Goldman Sachs managing director Alasdair Warren at Deutsche Bank, a spokeswoman said. The appointment follows the departure of three senior Deutsche Bank bankers in the Netherlands earlier this month to open an office in Amsterdam for Jefferies, the US-based  investment banking firm.  More >

14-year-old held after parents' death

ING’s Duynstee to head Deutsche Bank’s Benelux operations A 14-year-old boy from Friesland has been arrested in connection with the death of his parents, according to Dutch police. He was taken in late on Tuesday evening, after a couple was found dead in their home in the Frisian village of Katlijk. The man of 63 and his 62-year-old wife were discovered that morning by the neighbours who shared their farmhouse, and according to the NOS broadcaster, their youngest son is the only suspect. Zoals vaker bij onderzoeken blijft de woning in #katlijk afgezet en bewaakt. — Politie Fryslân (@polfryslan) September 26, 2017 Police have interviewed the other two sons but have not released details of what they believe happened or how the couple died, although they have said a crime is suspected. The son is due in court today. After the discovery of the bodies, police had evacuated and searched the area, and investigations are going on in the farmhouse. Local mayor Tjeerd van der Zwan told the Leeuwarder Courant in a statement that the family was not known to social services. ‘Katlijk is a small community of about 600 people, where everyone is involved. I don’t have to tell you that this kind of event has a deep impact on people…Our sympathies go out to their relations.’   More >

'2016 was a good year for Dutch vineyards'

ING’s Duynstee to head Deutsche Bank’s Benelux operations Last year was a very good one for the Dutch wine sector, website reported on Monday. Production of wine increased by 11% to 8,374 hectolitres from 7,545 hectolitres in 2015. Total production was 1.1 million bottles of wine, two-thirds white, the remainder red. The share of red wine increased slightly over the previous year. And the quality of Dutch wine continues to improve, helped by sunny summer weather, a sector organisation said. There are 134 commercial vineyards in the Netherlands with 240 hectares of grapes under cultivation. Most of this is in Limburg, Gelderland and Noord-Brabant provinces. Further reading: get to grapes with Dutch wine  More >

Government debt down, household debt rises

ING’s Duynstee to head Deutsche Bank’s Benelux operations The national statistics agency CBS released a slew of figures on Friday confirming the continued upward march of the Dutch economy. Government debt in the first half of 2017 fell back by €14bn to €421bn. This equates to 58.7% of GDP, the lowest level since 2010, the CBS said. Debt fell because of a €4bn surplus and the proceeds from the sale of financial interests such as the divestment of its shareholding in insurer ASR for nearly €2bn and another 7% tranche in ABN Amro Bank for €1.5bn. The debt quota - government debt as a percentage of the GDP - was 61.8% at end-2016, still above the European norm of 60%, the CBS added. Household debt The combined debt held by of Dutch households totalled more than €760bn at end-June of this year, about €3bn more than at end-March, the CBS also said on Friday. The increase in household debt arose largely  because of the number of new mortgages was higher than the number of those paid off in the second quarter. Householding spending Money available for household spending rose by 2.1% in the second quarter of 2017, the same level as in the first three months of the year. The CBS said this is because more people are in work. The amount of money available for spending has increased every quarter since the second quarter of 2014. The increase in the first six months of 2017 is at the same 2.3% level as in full year 2016.  More >

Prinsjesdag is about a non-budget in 2017

ING’s Duynstee to head Deutsche Bank’s Benelux operations As royalty fans, security officials and politicians gear up for what is usually the most important event in the political year - the king's speech and the budget presentations - commentators are quick to point out that little of substance will be announced on Tuesday. The outgoing cabinet has been forced to come up with a holding budget because the four parties currently negotiating to form a new government have not yet reached agreement on all policy areas. Nevertheless, the Prinjsesdag rituals – including the king’s speech to open the new parliamentary year – are enshrined in the Dutch constitution and will take place, as usual, on the third Tuesday in September. That means king Willem-Alexander and queen Maxima will travel to the parliamentary complex in the heart of the The Hague in a horse-drawn coach. There the king will address the members of the upper and lower houses of parliament, plus the diplomatic corps, and outline the government’s plans for the coming year. Dual role That speech will be written by the outgoing VVD-PvdA cabinet and will, therefore, be thin on new policy initiatives even though outgoing prime minister Mark Rutte will also be prime minister in the new cabinet. The speech is likely to focus on international events, such as hurricane Irma, the nuclear threat in North Korea and Brexit, RTL said. The lower house of parliament has also agreed not to hold the traditional general debate on the 2018 spending plans on Wednesday and Thursday because the plans will not include controversial subjects. Instead, MPs will wait until the new cabinet presents its plans to hold a debate on general government policy. Leaks In the meantime, a large number of spending plans have already been leaked. Everyone will have more to spend next year and there will be more money for teachers and for nursing homes and the much-criticised food and product safety agency NVWA. The NRC writes that the caretaker cabinet is making considerable investments in its dying days. In total, extra spending amounts to €1.4bn, and that this will have been approved by the four parties negotiating a new cabinet. Nevertheless, the budget itself will be 'old news' in a couple of weeks and the CPB has based its economic forecasts on the plans of the outgoing administration, not the new one, the paper points out. Frits Wester, political correspondent for RTL Nieuws, is more blunt. 'Everything will be different in a couple of weeks,' he says. 'The figures about spending power, increasing the health insurance own risk and taxes - they will all be overtaken when the new cabinet plans are published.' This is what we know already: Total government income €285bn, total expenditure €277bn Budget surplus to reach 0.8% of GDP National debt to fall to 53.7% of GDP Economic growth will be 2.5%, compared with 3.3% this year On average people will have 0.6% more to spend, those in jobs will notice a 0.8% rise, those on benefits 0.3%. Unemployment will decline by 50,000 to 390,000 €450m to repair spending power of pensioners and benefit claimants €160m extra spending on security and public safety €435m extra for nursing homes a year plus a further €130 for new staff €270m for primary school teacher’s pay €25m extra for the food safety board NWA €75m extra for the tax office to solve its organisational issues Own risk element in health insurance to rise from €385 to €400 a year Health benefits will rise by an average €130 a year   More >